Boat Loans Australia :: Articles

10 Tips - How to reduce your mortgage

What are the best tips to reduce your mortgage quickly?

10 Tips - How to reduce your mortgage

The information on this website is general in nature and does not take into account your objectives, financial situation, or needs. Consider seeking personal advice from a licensed adviser before acting on any information.

Anyone who has ever had to pay off a mortgage will tell you they would love to pay it off before the term, but most people will continue to chip away at their loan on autopilot. A proactive strategy can cut your loan term from 30 years to less than half in some cases. Here are 10 ways to own your home sooner.

1. Pay your mortgage as you receive your income.

E.g. fortnightly or even weekly. Doing this cuts down on interest payable and will save you a lot of money over the course of your home loan. If you are super focused, pay your mortgage weekly which will reduce interest further again.

2. Set up an automated recurring payment for your mortgage payments.

This is usually free of charge and means that you are always on-time and can’t over-spend on other things leaving you short to meet your payment obligations.

3. Park the large lump sum into your mortgage account

Time to Refinance?
Image for Time to Refinance?If you are seeking lower rates, lower fees and more flexibility in your home loan. you are in luck! Our national panel of mortgage brokers is looking forward to an opportunity to assist you. Apply online for a free eligibility assessment and one of our broker network refinance specialists will get on the case to track down the best deal for your individual circumstances. Without any obligation and at no charge to you!
eg. if you get $2000 back from your tax return, receive dividends from other investments or get bonus payments from your job, make a large payment towards your mortgage. These large lump sums can cut years worth of interest off the loan.

4. List your regular expenses and you will find 1 or 2 items that you can do without.

This will make a big difference to either your cash flow, freeing up disposable income to park in your mortgage account.

5. Make a habit of going only to the ATM’s.

The charges (usually $1 - $2.50 per transaction or account enquiry) can easily add up to a nice little amount that can either remain in your pocket rather than a banks or ATM provider and go towards your loan. (see #5)

6. Increase your repayments while rates are coming down.

You can cut up to 2 years off the life-span of your loan by paying an extra $20 to $50 on each payment. This may just mean cutting out an extra cup of coffee here or there or once a week taking lunch to work rather than buying it occasionally.

7. Have your wages paid directly into your home-loan account.

You will need a loan with re-draw or line-of-credit type of facility so you can have unlimited access the funds for living expenses etc. This will greatly reduce the interest that you pay as the interest is debited at the end of the month and usually calculated daily.

8. Offset your loans with a savings account.

This is called mortgage offsetting, where as the amount in your savings account (earning interest) is calculated/subtracted against the actual interest charge against the loan amount, then the interest is calculated only on the balance. For example, if your loan is $400 000 and you have $100 000 in savings, this equate to $300 000 on which you actually pay interest. This of course greatly reduces the amount of interest you effectively pay and will save you years on your home loan.

9. Perform a mortgage health check.

Sometimes you just have to admit your loan might not be the best for you anymore. Your loan may have been superseded as a product. Interest rates may have changed drastically, leaving you better off with a variable rate than a fixed one. In that case, look at re-financing whether it is with your existing lender or a different one. Go to a home loan lender or broker to make sure you do get the best deal. Don’t just go to one provider as usually they will only offer you their products. To get a full scope of available options talk to a specialist who has access to various funders and lenders. They are in a competitive market and will try to gain your custom – let them earn it.

10. When re-financing, consider pooling or consolidating any other loans.

Eg. (car or personal) and credit cards (of a much higher interest rate) into the one loan as the savings often will outweigh the slightly higher loan amount.

Published: Sunday, 1st Aug 2021
Author: 88


Boat Loans Articles

Your First Boat: Financing Strategies Every New Buyer Should Know
Your First Boat: Financing Strategies Every New Buyer Should Know
Understanding the excitement of being a first-time boat buyer is essential. There’s something truly exhilarating about the idea of cruising on open waters, enjoying sunsets, and creating lasting memories with friends and family. However, alongside this excitement comes the reality of making a significant investment. - read more
The Benefits of Pre-Approved Boat Financing
The Benefits of Pre-Approved Boat Financing
Pre-approved boat financing is an initial green light from a lender indicating that you are eligible to borrow up to a certain amount of money for the purchase of a boat. This process involves a preliminary assessment of your creditworthiness, usually before you start shopping for your new vessel. - read more
Budgeting Blunders: Common Errors in Boat Financing Explained
Budgeting Blunders: Common Errors in Boat Financing Explained
A boat loan can be defined as a type of financing tailored specifically to help buyers acquire a boat. It serves a crucial role in making the dream of boat ownership more attainable, as it enables you to spread the payment over a period of time rather than shelling out a substantial sum upfront. - read more
From Dreams to Reality: Choosing the Right Boat Loan for First-Time Buyers
From Dreams to Reality: Choosing the Right Boat Loan for First-Time Buyers
Owning a boat is a dream for many Australians, offering an opportunity to explore the country's stunning waterways, enjoy recreational activities, and create lasting memories with family and friends. - read more
Common Mistakes When Applying for a Boat Loan in Australia
Common Mistakes When Applying for a Boat Loan in Australia
Imagine this: it's a perfect sunny day on the Gold Coast, the wind is gentle, and the ocean is calling. You're dreaming of steering your very own boat into the horizon. But before you can embark on your nautical adventure, you need to navigate through the often choppy waters of boat loan applications. - read more
Smooth Sailing: Understanding Boat Loan Rates and Terms for Australians
Smooth Sailing: Understanding Boat Loan Rates and Terms for Australians
From the bustling harbors of Sydney to the serene waters of the Great Barrier Reef, boating is a treasured Australian pastime that combines the love of the ocean with the spirit of adventure. With so many Australians drawn to the water, understanding the financial aspects of boat ownership is crucial, particularly when it comes to securing a boat loan. However, wading through boat loan rates and terms can feel as complex as navigating through choppy seas. - read more

Finance News

Explore the 2026 Sanctuary Cove International Boat Show's Stellar Exhibitor Line-Up
Explore the 2026 Sanctuary Cove International Boat Show's Stellar Exhibitor Line-Up
17 Apr 2026: Paige Estritori
The Sanctuary Cove International Boat Show (SCIBS) is set to make a grand return to the Gold Coast from May 21 to 24, 2026. As the Southern Hemisphere's largest marine event, SCIBS 2026 promises an unparalleled showcase of marine excellence, drawing over 45,000 boating enthusiasts, industry leaders, and luxury lifestyle seekers. - read more
BIA Calls for Balanced Approach to Sand Flathead Fishing Closures in Tasmania
BIA Calls for Balanced Approach to Sand Flathead Fishing Closures in Tasmania
01 Apr 2026: Paige Estritori
The Boating Industry Association (BIA) has recently addressed the Tasmanian Government regarding the proposed closure of sand flathead recreational fishing zones in south-eastern Tasmania, set to commence on 1 March 2026. This initiative aims to protect declining sand flathead populations; however, the BIA emphasises the necessity of a balanced approach that considers both environmental sustainability and the socio-economic well-being of local communities. - read more
BIA Endorses Dolans Bay Marina's Infrastructure Enhancement
BIA Endorses Dolans Bay Marina's Infrastructure Enhancement
01 Apr 2026: Paige Estritori
The Boating Industry Association (BIA) has expressed its support for the proposed infrastructure upgrades at Dolans Bay Marina, recognising the project's potential to significantly improve boating access and safety for individuals of all ages and abilities. This endorsement aligns with the BIA's commitment to promoting safe, responsible, and enjoyable boating experiences across Australia. - read more
BIA Calls for Urgent Improvements to River Murray Boating Infrastructure
BIA Calls for Urgent Improvements to River Murray Boating Infrastructure
01 Apr 2026: Paige Estritori
The Boating Industry Association (BIA) has raised concerns regarding the deteriorating state of essential boating infrastructure along the River Murray, emphasising the need for immediate action to ensure the safety and accessibility of these facilities for the boating community. - read more
Club Marine Introduces Specialized Insurance for Race Boats
Club Marine Introduces Specialized Insurance for Race Boats
24 Mar 2026: Paige Estritori
Club Marine, Australia's leading boat insurance provider, has unveiled a new insurance policy tailored specifically for race boats during storage and transit. This initiative aims to support participants in the Australian Offshore Superboat Championship by offering coverage for accidental loss, damage, theft, or malicious damage while the boats are on land and on their trailers. - read more
Marinas26 Conference to Explore AI's Transformative Role in Marina Operations
Marinas26 Conference to Explore AI's Transformative Role in Marina Operations
24 Mar 2026: Paige Estritori
The Marina Industries Association (MIA) has unveiled the comprehensive program for Marinas26, its biennial conference and trade exhibition, scheduled for 24–27 May 2026 at the RACV Royal Pines Resort on Queensland’s Gold Coast. Embracing the 'Future Smart' theme, the event aims to delve into emerging trends and technologies poised to reshape the marina and boatyard sector across the Asia-Pacific region. - read more

Start Here

START HERE.

Loan Amount:
Postcode:

All quotes are provided obligation-free by a participating broker from our national referral partner network. We respect your Privacy.


Quotes are offered free & without obligation. We respect your privacy.

Knowledgebase
Bridge Loan:
A short-term loan used until a person or company secures permanent financing or removes an existing obligation.


Quick Links: | Boat Loan Finance | Boat Financing Options | Marine Finance | Boat Loan Rates | Boat Loan Calculator | Boat Loan Comparison | Boat Loan Lenders | Boat Loan Terms | Boat Loan Approval | Boat Loan Application | Boat Loan Interest Rates