Thirty years is a long time but that's typically how long it takes to pay off your mortgage. The good news is that, with a little commitment and focus, and some clever hacks, you can set yourself up to achieve your home-ownership goals.
The basic premise for success is that the smaller the debt, the lower the interest rate and the shorter the term, the sooner you will pay off your loan.
Negotiate a lower rate
When was the last time you rang your lender and asked for a better deal? I did recently and immediately got 0.8% off the variable rate.
I'm one of the 800,000 people who fixed their mortgage when rates were low in 2021 and 2022, at least on my investment properties. So, when those loans reverted to the standard variable rate (SVR), I researched the rates offered at other institutions.
Armed with that information, I then rang my non-bank lender. It wasn't stressful and it wasn't difficult. I had four loans with them and they wanted to retain my business, so they offered me a better deal.
Consider switching lenders
If your lender isn't providing you with a competitive interest rate and isn't willing to budge, you have the option to switch.
It's easy to compare lenders. You can ask a mortgage broker for assistance or use one of the many online finance comparison sites, such as Canstar, InfoChoice, Finder, Compare the Market and RateCity.
Note that many of these sites do not compare all brands – this is because, as they are
