Mortgage advise

[u/jennis89]

Hey team looking for some unbiased mortgage advice if anyone can give their opinion.

Iv got $590k left on my home valued at around $850k and 25 years left on my current home loan. When I renew should I renew for 24 years or lower or renew for 25-30 years to have a lower min payment but make additional payments each month to pay it off quicker?

My financial advisor has said take the loan over longer period to reduce the minimum payment each month to reduce your required monthly outgoings but do the additional payments to pay off quicker.

Also at the moment I pay around 300 extra per month into my offset account so it is slowly building up it’s around $40k, is it better to pay that 300 extra directly into the home loan or keep topping up offset so it’s lowering your interest on the repayment.

What is your all take?

[u/onlythehighlight]

How good are you with your finance is all that you need to know and does having that little extra bit of income help?

If you are good with your finance and right now you don't need the extra bit, stuff it into your offset so it lowers your interest (which is the important bit) and just keep it there unless you need it for something.