So you've taken the plunge and bought yourself a place to truly call home. Now all you have to do is pay off that loan. Or, you’ve had a mortgage for a while, but are feeling the pressure of the current higher interest rates. Does this sound like you? If so, here are a few ways to make your life that bit easier:

1. Make payments fortnightly
If paying monthly, by paying half of your monthly repayments on a fortnightly basis, you end up making more repayments a year. So, on a $200,000 home loan, you can cut nearly 9 years off your loan – saving just over $138,000 in interest payments!*

2. Increase your regular payments
By paying an extra $40 a fortnight on a $200,000 home loan would leave you debt-free 6 years earlier and save you 25% in interest.*

3. Shorten the term of your loan
By reducing a 30 year loan to a 20 year loan, you could save as much as 39% in interest or just over $155,000!*

4. Maintain payments at the same level when rates drop
You'll save money on interest and pay off your loan faster. Just pretend your rate never dropped in the first place and you'll be paying off that loan in no time.

5. Pay off lump sums when you can
On a floating interest rate: With a standard variable interest rate, or revolving home loan such as Orbit and Orbit FastTrack, there are absolutely no penalties for early or lump sum repayments.
On a fixed interest rate: Increase the repayments on your fixed rate home loan by up to a further $1,000 per month or $500 a fortnight; with no penalties (however, keep in mind that any increase will just be for the remainder of the fixed rate term). So if you can't keep up the increase, you can save any extra money and make a lump sum payment when the term ends.

For more articles on tips and tricks about the process of buying, building or selling a home, visit www.iwantahome.co.nz. Here you’ll find all the essentials.

* Examples are based on a $200,000 home loan at 9.40% p.a. fixed for 2 years for a term of 30 years.