Make your dream of debt free home ownership a reality with a few simple mortgage reduction strategies.The longer you take to pay off the principle amount you have borrowed for your home the more interest you will end up paying. It therefore makes sense to try and put a dint in your mortgage as quick as possible.Mortgage reduction is much easier and less painful than most people think, and with a few simple steps you’ll be sure to drive your mortgage down.

Review your home loan.

With the home loan wars running hot, lenders are now offering heavily discounted loan packages to win over your business. Ensuring that your home loan still offers a competitive interest rate could save you thousands of dollars over the short, medium and longer term. However, be sure to give us a call for advice on the most appropriate product for you and any fees or costs that are associated with switching before jumping ship.

Increase your repayment frequency.

Changing from monthly to fortnightly payments is the safest and most effective mortgage reduction strategy.By paying fortnightly you are effectively making a total of thirteen monthly repayments over the course of a year, giving you one month’s extra repayment every year.At first glance this figure may not seem significant to you but you could essentially wipe more than 6 years off the life of a 30 year term and save tens of thousands of dollars should you engage this simple strategy.

Make lump sums.

Whether you’ve just received a tax rebate, Christmas bonus or inheritance, use every opportunity to drive down the principle amount of your mortgage. The more cash you drive into your mortgage, the earlier you will repay the loan. And remember, if necessary, you can usually release any additional repayments from your home if you have to unlock those extra dollars at some stage in the future.