8 Tips To Slash Your Mortgage


With the end of the year quickly approaching, now is the best time to reflect on the year gone and look at what’s to come in the next. For the majority of those with a mortgage, there’s hope that the coming year will be better than the last, or, for some, praying that it won’t be as bad as the previous year. 

  At Glass Financial, we aren’t owned by a bank, or any other financial institution, so we aren’t afraid to help you to pay your mortgage off sooner – the opposite of what the banks want. 

  Here are 8 clear tips to help you to cut down your mortgage: 

  1. Use an offset account. Usually, money goes into your savings account when it’s not being used. Instead, change your money and focus to a mortgage offset account, which will reduce the interest cost calculated daily, reducing your monthly repayments.
  2. Budget your cashflow. Everyone has a smartphone these days, meaning everyone has access to hundreds of free budgeting apps help you keep track of your spending. You can add all your periodical payments into your mortgage repayment (unless you have an offset account), with the goal being to spend less than you earn. Watch out for emotional purchases as, if you’re not careful, they can quickly push you over the line.

Bonus Tip: Write a shopping list when going grocery shopping and always have something to eat first. 

  1. Use a mortgage broker. A broker will keep you accountable and guide you to the financial success you’re looking for, all while finding the best lender and deal for your situation. It’s good to speak with your broker about how much support you will need. The bigger your goals, the more you need help, and we don’t settle until you reach those goals.
  2. Consolidate your debt. Car and personal loans can easily burn through your cashflow, and credit cards can have a very similar effect, depending on how they are used. Consolidate these into your mortgage and turn them all into one easily repayable amount. This is done through refinancing, which also happens to be the best time to get the lowest interest rates as lenders tend to offer better deals to new clients.
  3. Review your position regularly. Make sure you have a good idea of where your finances are at. Check in with your broker regularly about this and ensure that they know as soon as anything changes. Change could mean you’re getting a better deal!
  4. Review your bills. You can use your budget and bill records to negotiate cheaper payments on utilities and any other bills. Many companies will actually undercut your current rates to win your account.
  5. Get rid of unnecessary accounts. If you have a gym membership but haven’t been for 6 months, it’s time to cancel it. The same goes with the countless number of streaming services. However, using family sharing where possible can help with this.
  6. Maintain the best mortgage. You should be reviewing your mortgage every 2-3 years, at least, to check if it is still suitable for your current needs. You should review the structure/s, rates & repayments, fees & charges, flexibility, and features to keep your mortgage from going stale.

  Reviewing these tips once or twice a year can help you to improve your finances by leaps and bounds, as well as aiding you to pay your mortgage down sooner than you imagined. 

  Contact us today and get the best service, from a professional team with a track record of success. Our focus is, and always be, on the happiness of our customers. 

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