Left on their default settings, home loans are typically set up in favour of your lender, as you’d expect. Sure, we get a home out of it, but they get a decades-long steady stream of repayments from us, with heaps of interest on top.
That said, as borrowers, we’ve actually got far more options than we typically realise when it comes to reshaping mortgages a bit more in our favour.
By pulling some levers here and there – even just slightly raising our repayments, for instance – we can tip the scales to our side and save immense amounts of interest over time. Here’s how to tweak your settings so paying off your mortgage doesn’t drag on any longer than it has to.