For most homeowners their biggest financial goal is to pay off their mortgage.
But with the average Australian taking 30 years or more to pay off their home loan, this dream can seem a distant reality.
Leading financial advisor Canna Campbell, from Sydney, has revealed there is a way to clear your mortgage faster, and shared her tips on how you can pay off your home loan in 10 years or less.
In doing so, you will also save thousands of dollars in interest.
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Australian finance guru Canna Campbell (pictured) has revealed her top tips on how you can pay off your mortgage in 10 years
The average Australian can spend 30 years or more paying off their mortgage (stock picture)
CANNA'S TIPS
1. Simplify your mortgage
2. Understand your mortgage and stay informed
3. Increase your mortgage repayments - by just $50 a week
4. Make lump sum repayments whenever possible - use tax refunds, work bonuses
5. Maintain mortgage repayments even when interest rates are going down
6. Start today
7. Make fortnightly instead of monthly repayments
8. Shop around for the best mortgage
9. Park savings in your offset or redraw facility
10. Make paying your loan off a priority
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Ms Campbell shared a video on her YouTube page Sugar Mamma titled: 'How To Pay Off Your Mortgage Fast'.
There she explained how many people dream of owning their home outright, but don't know how to achieve it.
'One of my biggest financial goals that I'm most passionate about is paying off my mortgage as quickly as possible,' she said.
She explained that ideally she would want her wholemortgage paid off in less than a decade, but when she voiced her goal to others, they often dismissed it as being unachievable.
However, she insisted that it is possible to do if you put your 'head, heart and mind' into it.
By following her tips, and starting today, she believes you can save tens of thousands - or possibly even hundreds of thousands - of dollars in interest.
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By following her tips, she believes it is possible to save tens of thousands of dollars in interest
Ms Campbell's first tip is to keep things simple and not buy into the 'bells and whistles' banks offer alongside home loans, like credit cards, which often come with fees.
'My advice is, have a very simple home loan, principal and interest and focus all your energy on paying that loan down as quickly as possible,' she said.
Next, she urged people to keep a regular eye on their mortgage and stay informed.
You should also cut back on costs in small ways in order to make more repayments.
'Never underestimate the power of small, extra repayments over the long run,' she advised.
Ms Campbell also advises people to make their repayments on a fortnightly basis instead of once a month, and cut back on luxuries to pay an extra $50 a week
To make her point, she used the example of a $400,000 home loan with an interest rate of 6.5 per cent.
She said if you increase repayments by $50 a week instead of making the minimum repayment over a 30-year term, you would save $120,000 in interest over the life of the loan and pay it off six years earlier.
To save the extra $50 a week - the equivalent of buying lunch at work every day - she suggested looking through your budget and cutting back on luxuries where possible.
Her next big tip is to maintain your repayments even when interest rates are going down.
By cutting back on little luxuries, such as buying lunch every day, you could pay an extra $50 off your home loan each week
She also advised to not cave to the bank's pressure to reduce your mortgage repayments.
'It's a trap. It will delay you paying off your mortgage and you'll end up paying a lot more money in interest, trust me,' she said.
Also making your repayments on a fortnightly basis, instead of monthly, can make a difference.
As there are26 fortnights in a year and only 12 months, paying every two weeks allows you to sneak in an extra repayment per calendar year.
'That will actually help in reducing that principal which means you're paying a lot less interest which means you're paying more of the principal loan off,' she said.
For more on Canna Campbell, visit herYouTube channel.
