• Pay off your Home Loan Faster Simplified by RAMS


    Showing you simple but clever ways to pay off your home loan faster.


    Greater Together is showing you simple but clever ways to pay off your home loan faster.

    If your goal is to repay your home loan in the shortest time possible, you need to make sure you have a loan that doesn't charge you extra costs if you make higher than the minimum repayments.

    With the right type of home loan there are several ways to pay off your loan faster.

    One of the simplest ways is to pay half the monthly repayment fortnightly.  By paying half a monthly repayment every fortnight, essentially you take advantage of the 26 fortnights in a calendar year.  This can

    really work in your favour as you're effectively making an extra month's repayments across the course of a year, which, if you get paid fortnightly you might not even notice.  This can make a significant difference over the life of the loan.

    Another option is linking an offset account to your home loan and using this account as your main transaction account.  You might deposit your salary into this account and park any extra savings here.  The balance that interest is calculated on will be reduced by the amount in your offset account effectively reducing the monthly interest payable.  You need to be aware though, that you will not get paid interest on your savings in your offset account.  

    You also have the option of paying more than your required monthly repayment amount, to pay your mortgage off faster and build equity.  When the opportunity arises, you can also make lump summary payments.  A tax refund is one example of a lump sum that could form a handy extra repayment.

    Genuine home loan advice, helping you pay off your home loan sooner.  

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    About the author

    • Raymond

      Raymond A Ram is the RAMbassador for RAMS Financial Group. Raymond works with the RAMS team to bring simple, helpful and expert information on home loans and savings accounts to life with his down to earth and cheeky personality. He enjoys seeing everyday Australians turn their dreams of saving for a goal or getting into a home a reality. 

      Growing up in Goulburn, NSW, Raymond was brought up with good old-fashioned Aussie values of hard work and a fair go. It soon became apparent that Raymond wasn't content for the conventional path of grazing, producing the very best wool, and finding a nice sheep to settle down with. So it wasn't long before his passion for performing and his talent as a likeable larrikin shone through - landing him a few roles such as 'RAMlet'. He was even tipped to play RAM-bo at one point but chose to become star of the small screen instead as RAMbassador for RAMS. He now finds this role so much more rewarding.

      Contact your local RAMS Home Loan Centre about your home loan options.

      Raymond A Ram

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  • Disclaimer:

    This information is general in nature and has been prepared without taking your objectives, needs and overall financial situation into account. For this reason, you should consider the appropriateness of the information to your own circumstances and, if necessary, seek appropriate professional advice.