The topic of how to own your home sooner has been debated by many in the mortgage industry.

The best way we know how to pay your home off sooner is to make additional repayments to your mortgage on a consistent ongoing basis.

Simply adding $50 or $100 extra to every repayment will certainly reduce the term of you loan.

Also, choosing a fortnightly repayment schedule will help you get ahead on your mortgage.

There are some additional ways to reduce the interest you pay on your loan and therefore pay off the loan faster. One of the most popular methods is to use an 'interest offset' account. This is a banking product, usually a transaction account that offsets every dollar in the account against your mortgage balance.

So if you have a $200,000 home loan and $10,000 in the offset account, the interest you pay is calculated on $190,000.

Please be careful to read the lenders literature on the offset account to gain a full understanding of the product.

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