Buying a home is probably one of the biggest investments you’ll ever make in your life and a debt that most want to pay off as quickly as possible.

So, to help you achieve the mortgage-free dream, we’ve put together these four easy tips:

Review your spendings

Tracking your money on a regular basis is a great way to get an accurate picture of where it’s going and where you’d like your money to go instead.

You could start tracking your cash by reviewing your bank statements. Here are some simple steps to get started:

  1. Grab your bank statement and some coloured highlighters.
  2. Look at the previous months’ worth of transactions and highlight your expenses in different categories (for example: food, entertainment, transportation etc.)
  3. Once complete, add up all of the total monthly expenses in each category.

This simple method will give you a clear indication of where your money is going and help you identify any money leaks.

Another great way to track your spending is with apps. For example, Money Smart’s TrackMySpend app allows you to identify any unnecessary purchases, spending patterns and even helps you budget for special events.

Create a budget

After you’ve evaluated your bank accounts and spending patterns, the next step is to set a budget. Try using our handy budget calculator as a way to get started!

Prioritize paying off any credit cards or personal loans that have a high interest rate. Reducing these first will help free up any money for larger debts such as your home loan. You could start doing this by funnelling any of your leftover pay towards paying off your credit card, or finding ways to cut back on unnecessary purchases, such as your morning coffee.

You could also make extra cash to put towards your debt balance by starting a side hustle, freelancing or selling unwanted belongings on Facebook Marketplace- every dollar helps!

Mortgage repayment

Currently paying your home loan on a monthly basis? It may be worth considering switching your payments to fortnightly. By making 26 fortnightly home loan repayments instead of 12 monthly payments, you’re essentially making one additional monthly payment off your home loan per year, shortening the life of the loan and lowering the amount you need to pay.

100% offset account

A 100% offset account is a great way to keep your savings at hand whilst minimising your home loan interest payments.

For example:

  • You have a $400,000 mortgage
  • $30,000 in savings in your offset account
  • The interest for your mortgage will be calculated on $370,000, instead of $400,000

As you can see, the more you have in your offset account, the less interest you’ll have to pay- it’s a win, win!

The MOVE Bank advantage

Whether you’re looking for flexibility, a lower interest rate or to consolidate your debts, refinancing could help you achieve the mortgage-free dream sooner.

Ready to refinance? Switch to MOVE Bank today! Email us at or talk to us on 1300 362 216 to get started.

This article is for general information purposes only and is not intended as financial or professional advice. It does not have regard to the financial situation or needs of any reader and must not be relied upon as financial product or other professional advice. You should seek your own independent financial, legal and taxation advice before making any decision about any action in relation to the material in this article. Railways Credit Union Limited trading as MOVE Bank ABN 91 087 651 090. AFSL/ Australian Credit License number 234 536 | ABN 91 087 651