Paying off your mortgage early will save you money and take a financial load off your shoulders. Here are some ways to get rid of your mortgage debt faster.

• Switch to fortnightly payments: Extra repayments on your mortgage can cut your loan by years. Putting your tax refund or bonus into your mortgage could save you thousands in
  interest.
• Find a lower interest rate: Work out what features of your current loan you want to keep, and compare the interest rates on similar loans. If you find a better rate elsewhere, ask your current lender to match it or offer you a cheaper alternative.
• Switching loans: If you decide to switch to another lender, make sure the benefits outweigh any fees you'll pay for closing your current loan and applying for another.
• Make higher repayments: Another way to get ahead on your mortgage is to make repayments as if you had a loan with a higher rate of interest. This may not be possible while interest rates are rising. But when rates go down, repaying at a higher rate will help to pay off your mortgage sooner.
• Consider an offset account: A mortgage offset account is a savings or transaction account linked to your loan. It can help you pay less interest because, every day, the money in your offset account is offset from the outstanding balance of your home loan before the interest is calculated. To make the most of this, you could have your salary paid into your offset account and use a credit card to cover your day-to-day expenses. This is a low-cost way of keeping money in your offset account.
• Avoid an interest-only loan: Paying both the principal and the interest is the best way to get your mortgage paid off faster. Most home loans are principal and interest loans. This means repayments reduce the principal (amount borrowed) and cover the interest for the period.