5 Ways To Pay Off Your Mortgage FASTER? 2023

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Here are 5 simple ways you can pay off your mortgage or home loan faster in 2023! These simple tips will surely help you save some time off your loan and interest savings! #mortgage #homeloan #home

FREE CRYPTO

Buyers agent YouTube channel: @PersonalFinancewithRaviSharma

TIMESTAMPS
0:00 Interest rates are increasing
1:16 Switch to fortnightly or weekly repayments
3:18 Make additional repayments
5:49 Utilise offset accounts
7:58 Find a lower interest rate
8:40 Avoid interest only loans

DISCLAIMER
No Legal, Financial & Taxation Advice. The Listener acknowledges and agrees that any information provided by Sanjna is provided as general information and for general information purposes only. Sanjna has not taken the Listeners’ personal and financial circumstances into account when providing information. Sanjna must not and has not provided legal, financial or taxation advice to the Listener. The information provided must be verified by the Listener prior to the Listener acting or relying on the information by an independent professional advisor including a legal, financial, taxation advisor and the Listener’s accountant. The information may not be suitable or applicable to the Listener’s individual circumstances. Sanjna does not hold an Australian Financial Services Licence as defined by section 9 of the Corporations Act 2001 (Cth) and is not authorised to provide financial services to the Listener, and has not provided financial services to the Listener.

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Комментарии

Paying off my mortgage early was a pivotal financial move for me. By strategically allocating extra payments, I saved thousands in interest and freed up cash for more investments. It's about optimizing your finances and making your money work for you. Financial freedom is within reach for anyone willing to take the right steps.I wasnt financial free until my 40’s and I’m still in my 40’s, bought my second house already, earn on a monthly through passive income and got 4 out of 5 goals, just hope it encourages someone that it doesn’t matter if you don’t have any of them right now, you can start TODAY regardless your age INVEST and change your future..

skoopqueen

Just letting you know you got the fortnightly payment number slightly wrong you actually be making 26 payment in the year, by switch to weekly or fortnightly you essentially make 1 month of additional repayments per year, example is $1000 pm is $12000per year doing ot fortnightly it $500×26=$13000, be sure when you switch to fortnightly that it is actually 50% of your monthly repayments, cause what bank will do is take your yearly amount and divide it by 26 repayments so from my last example $12000÷26 repayments is $461 per fortnight which make switching pointless as you still making same repayments each year. The key to this strategy is making that additional $1000 per year in payments

davidb-bjtc

Sajna, In a year we do have 26 fortnights
That means we do have 13 months
Fortnight repayment save you 1 month repayments for a year

timtam

Whenever you make additional payments, apply it to principal only and that will lower the amount owed more quickly.

margaretlong

Thank you. This is focused, clear and inspirational. There are days when I don't believe I will ever pay it off so I need such inspiration. I took a mortgage for 22 years, then reduced to 16 years and a month ago I further reduced the term to 7 years. All this thanks to overpaying. Literally almost my whole salary goes to the mortgage. Sometimes it feels like a black whole - it swallows everything I put in it, and it seems like paying in makes very little difference. One just needs to persevere and be patient and this is sometimes hard for me.

ellendean

If you have an offset, it’s best to keep all your money in for as long as possible correct? So for example, if you changed payments to fortnightly and money was coming out every 2 weeks, would this increase the interest charged at the end of the month rather than having the payment come out once?

Anneheed

Thanks, would you please tell me how I can get that calculator,

marioedwin

So is it better to make additional payments or put it in the offset?

peta

Hi Sanjana, which automazation calculator are you using, can I download?

ketanmagan

Very good information, I only knew around 3 solutions prior to this video, smart girl sanjna :)

fazzeg

Fortnightly is 26 payments? therefore an extra payment each year (compared to monthly)

elisaschmutter

@Sanjana thank you so much. The bank does not allow me to do split payments

Is it still fine to pay monthly the required amount but split my additional payments into 3 weeks? every month

senzenithabile