There are no shortage of ways to pay off your debt quicker and manage your money more efficiently.

At Blackburne Mortgage Broking, we are often asked what strategies we use, as mortgage broking professionals and mortgage holders to pay off our own debt as efficiently as possible.

We have asked the team to share their own useful tips to give you an insight in to what the experts do.

1. Transfer surplus funds from your offset account to your homeloan

Paul Prindiville, Mortgage Broker and Team Leader is quite strategic when it comes to paying off his debt faster.

He and his wife have a set figure they keep in their offset account.

After their commitments for the month have been met any surplus over and above that amount is deposited into the home loan.

“We continue to see the outstanding balance reducing by more than just the minimum repayment each month”.

This extra is also reflected as redraw and can be accessed at any time should they require it.

2. Find a lower interest rate, but make the same repayments

Administration Manager Megan Kelly says she took the opportunity to snag an unbeatable fixed rate last year shaving a sizeable amount of interest off her repayment, but made sure the saving works for her as much as possible.

“Instead of opting to reduce my repayments and have that saving go straight to my pocket I still make the same repayment as before the rate was reduced.

“Now I am seeing the loan reduce much quicker than it would have done if I had opted to just remain at the minimum repayment.”

With so many clients opting to refinance to a cheaper rate, Megan says that if your budget allows, making your repayment more than the minimum requirement is an easy way to pay more and you can always adjust it back should you wish.

3. Explore multiple offset accounts

Mortgage Broker, Brian Willis, reaps the benefits of having his loan with a lender that offers multiple offset accounts making savvy use of all his savings.

Brian is a big advocate multiple offsets – “I can separate my income and expenses but still have all of my savings offsetting my home loan”.

For example, Brian has separate accounts for separate purposes like a holiday account that he adds to throughout the year.

“By keeping it separate to my usual savings account I know that these funds are not available to be used for anything but the holiday.”

Brian says they are great for assisting with budgeting and saving money for a specific purpose end ensuring you are keeping your personal finances under control.

4. Keep funds in your offset account for as long as possible

Not everyone uses their offset as efficiently as possible, but our Client Liaison Manage Tracy Stone is a bona fide expert and maintains that it is easier than you may think.

“I put all my living expenses on a credit card for the month so that my offset account balance remains as high as possible for most of the month.

I then clear my credit card debt once a month from the offset account funds”.

By having all her family income sitting in the offset for as long as possible Tracy reduces her interest expense