Here are some tips that will help you be mortgage-free sooner than planned.

Small extra repayments

One of the most obvious ways to pay off your home loan quicker is to make extra repayments.

Depositing lump sums, such as a tax return or work bonus, will always be beneficial, however it doesn't always take large amounts or windfalls to make a substantial difference - planning for regular, small cash injections can have a great impact over the life of a loan.

Let's say we pay an extra $50 a fortnight on a $500,000 loan, that saves you $32,000 of interest over the life of the loan which in turn will save you just over two years - That's only $25 a week!

Switch your payment intervals

If you don't have the discipline to make extra repayments, then simply switching your payment structure can also help save years off your mortgage, as well as simplifying your finances if you are paid fortnightly.

Because there are 12 months in a year but 13 four-week cycles, by switching your payment intervals from monthly to fortnightly, you are essentially paying off an extra month per year.

Make sure you have the right type of loan

Ensuring your loan allows extra repayments without penalty will let you make the most of bonuses or funnel small extra payments to reduce the loan principle more quickly, saving on interest immediately. Redraw facilities allow you to deposit spare income into your home loan account, allowing you to redraw a sum equal to the extra repayment amounts in future.

In the meantime, the extra money paid will lower the amount of interest charged while still giving you access to your money.

However, there may be restrictions on how much money can be withdrawn and when depending on whether the facility applies to a fixed-rate or variable loan, therefore it is important to find out how a loan's redraw facility works before taking it on.

Another option is an offset account that uses your savings or living expenses to reduce your principle, while still allowing you to access these funds from a transaction account.

Deciding between an offset account and a redraw facility on your home loan largely depends on how accessible you need your extra money to be.

An offset account is a transaction account linked to an eligible home or investment loan.

The money you have in this account could offset the amount you owe on that loan, and you'll only be charged the interest on the difference.

Let's say you have $10,000 in your 100 per cent offset account. Instead of paying interest on your $100,000 loan, you are only paying interest on $90,000.

Although you may have to pay extra fees for the offset or redraw account, these may well be lower amounts than the interest saved. Talking to a finance broker is the easiest way to work out whether this option is financially sound.

Paying off your home loan faster isn't difficult but does require financial discipline and expertise to ensure the right loan features are in place. Make an appointment today to find the most suitable solution for you.