Strategies to pay off your mortgage

Fortnightly repayments	The difference of a fortnightly and a monthly repayment on a $280,000 loan is about $150 savings a month in extra interest repayments.
Extra repayments	An extra repayment of the following months interest portion will significantly reduce the loan term. If well managed you can reduce the loan term by half. Even an extra of $50 per week will reduce the loan term significantly.
Lump sum repayments	Lump sum repayments will immediately reduce the interest you have to pay on the loan. Ideally if you have a large sum repayment and do not require the funds for future purpose you can refinance the loan to reduce your monthly repayment.
Refinancing	By refinancing every 3 - 4 years your monthly loan repayments is reduced, saving you on interested and helping you pay off your home sooner.
Offset account	An offset account works by compensating you the interest you would have gained if you where to place it in an everyday savings account. Under a normal account you would be only getting 3%, 4% or maybe 5% interest. However the banks what you to keep your money with them. So they are saying if you keep your money in an offset account with us we will pay you the same interest that is on your home loan. Thereby offsetting the home loan. So if you had $50,000 in an offset account tied to a $300,000 mortgage effectively you are only paying interest on $250,000.
Professional packages	These packages generally have competitive rates with a single annual fee to cover for all of you accounts, reducing the bank fees you pay. Tailored together with a Line of Credit and Credit card sweep facility can save you a lot of interest.