When you first buy a house and you get your first home loan, it my feel like you may never pay it off. Hundreds of thousands of dollars and payments that feel like an insignificant amount of principal is being paid off each time. With home loans generally being over a 30 year term, they can feel like an insurmountable debt to repay.
However, after a bit of short term pain, a few years of potential salary increases and some additional equity in your new home, the option of paying your mortgage off faster can become a reality. The benefits to paying your mortgage off faster include more financial freedom and giving you options further down the track. These options may include being able to invest more, to do some improvements on your home, being able to upsize or build when needed or just to generally give you the financial freedom you want in life. There are lots of small things you can do that, working together, can help you pay your mortgage off much faster.