Have you considered refinancing to get a cheaper interest rate to help with cash flow but the cost and minimal decrease in the interest rate isn’t worth it???

Another great way to help reduce your interest repayment is utilising an Offset Account.

An Offset Account generally works like a normal bank account, where you can place all of your savings & income into, which then ‘offsets’ against your home loan.

As interest on your home loan is calculated daily, any balance in the offset account is ‘offset’ against the amount owing on your home loan and you only pay interest on the net balance. 

To give you an example of how a 100% offset account works;

Home Loan – $100,000

Offset Acc – $10,000

= You only pay interest on $90,000