5 Ways To Pay Off Your Mortgage FASTER? 2023

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Күн бұрын

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Here are 5 simple ways you can pay off your mortgage or home loan faster in 2023! These simple tips will surely help you save some time off your loan and interest savings! #mortgage #homeloan #home
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TIMESTAMPS
0:00 Interest rates are increasing
1:16 Switch to fortnightly or weekly repayments
3:18 Make additional repayments
5:49 Utilise offset accounts
7:58 Find a lower interest rate
8:40 Avoid interest only loans
DISCLAIMER
No Legal, Financial & Taxation Advice. The Listener acknowledges and agrees that any information provided by Sanjna is provided as general information and for general information purposes only. Sanjna has not taken the Listeners’ personal and financial circumstances into account when providing information. Sanjna must not and has not provided legal, financial or taxation advice to the Listener. The information provided must be verified by the Listener prior to the Listener acting or relying on the information by an independent professional advisor including a legal, financial, taxation advisor and the Listener’s accountant. The information may not be suitable or applicable to the Listener’s individual circumstances. Sanjna does not hold an Australian Financial Services Licence as defined by section 9 of the Corporations Act 2001 (Cth) and is not authorised to provide financial services to the Listener, and has not provided financial services to the Listener.
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Пікірлер: 31

@skoopqueen 8 ай бұрын

Paying off my mortgage early was a pivotal financial move for me. By strategically allocating extra payments, I saved thousands in interest and freed up cash for more investments. It's about optimizing your finances and making your money work for you. Financial freedom is within reach for anyone willing to take the right steps.I wasnt financial free until my 40’s and I’m still in my 40’s, bought my second house already, earn on a monthly through passive income and got 4 out of 5 goals, just hope it encourages someone that it doesn’t matter if you don’t have any of them right now, you can start TODAY regardless your age INVEST and change your future..

@CarlosVargasSD 5 ай бұрын

Goals 😎😎

@davidb-bj3tc 7 ай бұрын

Just letting you know you got the fortnightly payment number slightly wrong you actually be making 26 payment in the year, by switch to weekly or fortnightly you essentially make 1 month of additional repayments per year, example is $1000 pm is $12000per year doing ot fortnightly it $500×26=$13000, be sure when you switch to fortnightly that it is actually 50% of your monthly repayments, cause what bank will do is take your yearly amount and divide it by 26 repayments so from my last example $12000÷26 repayments is $461 per fortnight which make switching pointless as you still making same repayments each year. The key to this strategy is making that additional $1000 per year in payments

@timtam2024 17 күн бұрын

Sajna, In a year we do have 26 fortnights That means we do have 13 months Fortnight repayment save you 1 month repayments for a year

@margaretlong5508 7 ай бұрын

Whenever you make additional payments, apply it to principal only and that will lower the amount owed more quickly.

@ellendean2273 8 ай бұрын

Thank you. This is focused, clear and inspirational. There are days when I don't believe I will ever pay it off so I need such inspiration. I took a mortgage for 22 years, then reduced to 16 years and a month ago I further reduced the term to 7 years. All this thanks to overpaying. Literally almost my whole salary goes to the mortgage. Sometimes it feels like a black whole - it swallows everything I put in it, and it seems like paying in makes very little difference. One just needs to persevere and be patient and this is sometimes hard for me.

@febirigor9478 Ай бұрын

It is concerning though if you have emergencies...

@marioedwin311 6 ай бұрын

Thanks, would you please tell me how I can get that calculator,

@adityasaha9668 Жыл бұрын

Love the insights.

@Anneheed 5 ай бұрын

If you have an offset, it’s best to keep all your money in for as long as possible correct? So for example, if you changed payments to fortnightly and money was coming out every 2 weeks, would this increase the interest charged at the end of the month rather than having the payment come out once?

@peta9843 4 ай бұрын

So is it better to make additional payments or put it in the offset?

@ketanmagan4118 2 ай бұрын

Hi Sanjana, which automazation calculator are you using, can I download?

@fazzeg3 9 ай бұрын

Very good information, I only knew around 3 solutions prior to this video, smart girl sanjna :)

@senzenithabile5327 9 ай бұрын

@Sanjana thank you so much. The bank does not allow me to do split payments Is it still fine to pay monthly the required amount but split my additional payments into 3 weeks? every month

@timshull59 6 ай бұрын

Right ,my mortgage co holds funds unti full payment arrives.

@elisaschmutter3019 23 күн бұрын

Fortnightly is 26 payments? therefore an extra payment each year (compared to monthly)

@hpham2101 4 күн бұрын

I think it's 26 fortnightly payments not 24 😊

@jpasiu9999 8 ай бұрын

What’s the calculator you are using. Please give the link

@adityasaha9668 Жыл бұрын

Can you pls make a video on how these accounting firms work in detail?

@successbysanjna Жыл бұрын

I have many big 4 videos on my channel discussing this :)

@jopadjr Ай бұрын

397th...Thanks Sanjna

@hafizashafaie2968 10 ай бұрын

Your video is the best ❤❤❤, thank you

@successbysanjna 10 ай бұрын

You're welcome 😊

@brownpunk1794 3 ай бұрын

What is offset account?

@janebaker4912 3 ай бұрын

In America I think they call it a HELOC. But if mortgage is 100,000 and you put 10,000 in your offset account you'd only get charged interest in the remaining 90,000.