Picture this: no more mortgage payments eating into your budget every month. You’ve got extra money to invest, travel, or simply enjoy life without the weight of debt hanging over you. Paying off your home early might sound like a big task, but with a few smart strategies, it’s actually doable.

In this episode of the Get Rich Slow Club , Ana and Tash dive into the ins and outs of paying off your mortgage faster. They share the pros, cons, and practical tips to help you decide if it’s the right move for you. They also explain how to make it happen if you choose to go for it.

Why paying off your mortgage early could be worth it

There are several reasons people want to knock out their mortgage ahead of time. Let’s take a look at the big ones.

1. You could save heaps on interest

As Ana puts it: “Imagine having a $1 million loan and then paying $1 million in interest.”

It’s a lot, right? Every extra dollar you put toward your mortgage now means you’re paying less in interest over the life of the loan.

Tash shares her own experience: “I was looking at how much I’d paid off my mortgage versus how much I’d paid in interest. I’ve paid more in interest so far. It’s crazy.”

Using a mortgage calculator is a great way to see how much you could save.

2. You get more breathing room in your budget

Paying off your mortgage frees up a big chunk of your income. With no mortgage hanging over your head, you’ll have more flexibility to spend or save as you please.

3. You may be better set for retirement

In Australia, retirement planning often assumes you’ll own your home outright.

"Especially if you're going closer to retirement or you have health issues and you just want to have a home, you don’t want to worry about where you’re going to live," says Ana. "That’s a huge thing."

The downsides to think about

Paying off your mortgage early isn’t the best choice for everyone. Here’s why you might want to think twice.

1. You could miss out on other opportunities

When you throw all your money at your mortgage, it can feel good – but you’re also putting a lot of your wealth into a single asset.

Ana points out: “You have a huge percentage of your portfolio in one house, in one place, in one country, in one city. That can be a huge risk.”

Instead, that money could go into diversified investments like ETFs or even other properties.

2. Your money is harder to access

Unlike shares or cash savings, you can’t easily access the money you’ve used to pay off your mortgage.

Tash puts it plainly: “You can’t just sell one bedroom or a kitchen to pay for something.”

If you suddenly need cash, having all your money tied up in your home can be tricky.

3. You might miss tax benefits

For investment properties , paying down the loan early may not make sense because you could be using that money to invest elsewhere.

Ana explains: “There's debt recycling where people actually pull out equity from their home and they're investing it elsewhere into an income-producing asset. And that actually might be more tax-advantaged because you can write off some of that debt.”

Of course, tax circumstances can differ from person to person. For a tailored insight into how your investments pertain to your taxes, speak with a financial adviser.

How to start paying off your mortgage early

If paying off your mortgage early feels right for you, here’s how to make it happen.

Talk to your bank

The simplest tip? Ask for a better deal.

“Call your bank up and see if you can reduce your interest rate ,” Ana says. “I do this every six months.”

Even a small reduction could save you thousands over the life of your loan.

Then, if you’re saving money on interest, you could consider putting those savings directly toward extra repayments.

Pay more often

Switching to fortnightly or weekly repayments is an easy win.

“Interest is calculated daily,” Tash explains, “but if you are only paying it off every month, then you’re accumulating more interest that way.”

Plus, because there are 52 weeks in a year, paying weekly means you’ll sneak in extra repayments without really noticing.

Use an offset account

In some situations, an offset account act act like a secret weapon.

Ana shares: "My emergency fund is there, my savings fund is there. So, I have a couple of different offsets that are broken off the mortgage, and they literally offset the interest."

For example, if your mortgage is $500,000 and you have $50,000 in your offset, you may only pay interest on $450,000. It’s a simple way to save while keeping access to your money.

Avoid redraw temptations

If you’re using a redraw facility, it can pay to stay disciplined.

"Resist the temptation to withdraw those funds for non-essential purposes," Tash says.

Every time you withdraw, you’re adding more time (and interest) to your loan.

Extra ways to pay off your mortgage faster

If you’re looking for more ways to speed things up, here are a few potential ideas:

• Throw in windfalls : Got a bonus, tax refund, or some extra cash? Think about putting it straight onto your mortgage. As Ana says: “A lot of people think of it as a forced savings.”
• Consolidate debt : High-interest credit cards or personal loans? See if you can roll them into your mortgage. "If you can consolidate all of your debt into your low-interest-rate home loan, you might end up saving heaps," Tash explains.
• Boost your income : From side hustles to overtime, every extra dollar you earn can make a big difference when it goes toward your mortgage.

What about debt recycling?

Debt recycling is another option for property owners. With this approach, instead of just paying your mortgage off, you can use the equity in your home to invest in income-producing assets like shares or ETFs.

Ana explains her strategy: “We would pay off a part of the loan, pull the money out, and then invest it into income-producing assets.”

This approach can also come with tax benefits, but it’s not for everyone. Do your research and talk to a licensed financial adviser if you’re unsure.

Should you pay off your mortgage early?

The choice to pay off your mortgage early is personal. For some, the security and peace of mind are worth it. For others, investing or using debt for growth feels smarter.

Tash sums it up: “Because my interest rate is so teeny tiny – like, it's 2.6% – I'd rather invest. But if I had a higher rate or wanted more stability, maybe I’d feel differently."

Ana agrees, adding: “If paying off your home feels right to you, go for it. If not, that’s okay too. It really depends on your goals and how much time you have.”

Final thoughts

Paying off your mortgage early doesn’t have to feel overwhelming. Whether it’s negotiating a lower rate, paying more frequently, or using an offset account, there are small steps you can take to chip away at your loan faster.

But don’t forget – there’s no one-size-fits-all solution. It’s all about finding what works for your goals and lifestyle. A licensed financial adviser can guide you on your situation and provide insight into what may be the right move for you.

If this episode sparked something in you, give it a five-star rating, drop a review, or better yet, share it with a friend. And if you're just starting out, the first ten episodes will get the financial gears turning. Follow us at @getrichslowclub and catch our personal updates at @tashinvest or @anakresina.

Happy investing!