A new financial year can be a great time to set money goals, such as paying down a home loan. Paying off a mortgage early can save on interest, free up cashflow each month and help you enjoy all the benefits of a debt-free lifestyle. If reducing your mortgage debt is a key financial goal for FY20, here we provide some tips to kick-start your plan. Make fortnightly payments Instead of making one monthly payment, you can instead opt to make a half-sized payment every two weeks. Because there are 26 fortnights in the year, this strategy will result in you making an extra monthly payment every year. Let’s look at some real-life numbers. If you had taken out a 30-year loan of $400,000
