The Ultimate Guide to Paying Off Your Mortgage Faster in Australia

I'm sharing five strategies to help you pay off your mortgage faster. We all dream of the day when we're mortgage-free, and these tips will help you get there sooner than you thought possible. Whether you're just starting out with your mortgage or have been paying it down for years, these tips will help you accelerate your progress and save thousands of dollars in interest payments. From making extra payments to reinvesting, we'll cover everything you need to know to pay off your mortgage faster and achieve financial freedom. I'll also talk about whether you SHOULD pay off your mortgage sooner or whether you should stay liquid.

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[Peter-ufhd]

Pay weekly, if you can, and any additional pay increases add it to the mortgage I pump way more each week than needed onto my loan which started I 2004 and will now have paid off March 2025 on my 30 yr loan

[geneg]

The thing I have trouble with is working out how much to leave in your offset account and how much to make in extra payments. Also considering having the extra money as a buffer to make repayments when the interest rates goes up. Would love to hear any suggestions.

[chuckdaman]

Forget paying fortnightly, or even weekly. Pay daily.

[chadmercer]

Solid tips, Luke. Really appreciate the vids. Keep them coming!

[snedzy]

Good work champion. Keep kicking goals

[ihn]

What is the difference between offset and redraw?

[peekhub]

Great video! Question does a redraw account work the same
as a offset?

[susmusmanoj]

Luke .. negative hearing .
Eg if I earn 60k and partner earns 90k .and house is negatively geared .. now when we file tax whose income Is the negative gearing aimed to ?

[akilaliyanage]

@lukewiles1 mate, have you done the calculation with fortnightly payments? If you just switch to fortnight payments it doesn't do anything. But if you divide the monthly payment by 2 and pay fortnightly yeah. I'm sure you do that way but not sure if I heard it in the video. Thanks for the regular content

[lee.j]

Hi can we use the Heloc system in Australia?thanks

[et]

@lukewiles1 Hi mate I just came across the channel and subbed 👍 just want to ask I’ve been making extra repayments and I never knew it didn’t get absorbed into the loan but was just building as an available balance for redraw purpose. Apparently it worked to reduce interest but that’s not what I wanted. I believe if it went to the principal being absorbed in the loan amount I would have been WAAAAY better off. Can you confirm that I’m thinking correctly? Sorry for the amateur question. Cheers.