Finance expert shows how to pay off your home loan in half the time

From renting out a room to 'hiding' money from yourself: Finance expert shows how to pay off your home loan in half the time Financial guru Max Phelps has outlined three ways to pay off your home loan He says 90 per cent of Australians 'aren't great' with money and need advice Mortgagees must find a way to pay back more than the minimum repayments

By Andrew Prentice For Daily Mail Australia

Published: 02:03 BST, 7 October 2020 | Updated: 04:20 BST, 7 October 2020

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Financial guru Max Phelps (pictured above) is regarded as Australia's leading money expert

Financial guru Max Phelps (pictured above) is regarded as Australia's leading money expert

Many Australians could pay down their mortgage in half the time if they followed three simple steps, according to a leading personal finance expert.

Money coach Max Phelps, the author of Getting Your Money $hit Together, said controlling expenses, finding additional income and more effective planning were the key elements to quickly paying off a home loan. 

'For countless Australians, paying off their mortgage is currently their largest financial goal,' Phelps told Daily Mail Australia.

'Plenty of people find this hard to believe, but it is definitely possible for most people to pay it down in half the time.

'The best and only way is to pay more than the minimum repayment.'

Getting ahead financially and sticking to a budget are challenges many couples face (stock image)

Getting ahead financially and sticking to a budget are challenges many couples face (stock image)

Paying off a home loan is the primary goal for millions of hard working Australians (stock image)

Paying off a home loan is the primary goal for millions of hard

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