How to pay off your mortgage fast: Nurse reveals exactly how she paid off her home loan in 10 years


Young nurse, 34, reveals exactly how she paid off her $200k mortgage in 10 years on an income of $60,000 and still enjoyed travel and eating out: ‘The interest rate was 6.5% back then’

  • Aussie nurse Annette Langford bought a block of land in 2011 at age 23
  • The land in Kingaroy, Queensland was $75,000 and house was built for $125,000
  • At the time Annette, now 34, said the interest rate was 6.2 per cent
  • In just 10 years she managed to pay off the entire loan on a single income 
  • Similar properties in the area today can be purchased for less than $100,000 
  • Annette revealed how others can pay off their mortgage faster too  

While mortgages usually take 30 years to pay off, a determined mum-of-one has managed to pay off her entire home loan in a decade – and revealed exactly how she did it on a single income.

Annette Langford bought a block of land in the rural town of Kingaroy, north-west of Brisbane, in 2011 at the age of 23 while working as a nurse earning around $60,000.

The now 34-year-old nurse told FEMAIL she was taught from a young age to buy a property as soon as possible and work hard to pay it off.

While renting she purchased the block of land for just $75,000 and built a four-bedroom home for $125,000 spanning across 1,032sqm.

At the time she said the interest rate was 6.2 per cent – and today land in the area can still be purchased for less than $100,000.

Australian nurse Annette Langford (pictured, centre) bought a block of land in the rural town of Kingaroy, north-west of Brisbane, in 2011 at the age of 23 while working as a nurse earning around $60,000

Australian nurse Annette Langford (pictured, centre) bought a block of land in the rural town of Kingaroy, north-west of Brisbane, in 2011 at the age of 23 while working as a nurse earning around $60,000

The four-bedroom house (pictured) located in the rural town of Kingaroy, north-west of Brisbane, spans across 1032sqm

The four-bedroom house (pictured) located in the rural town of Kingaroy, north-west of Brisbane, spans across 1032sqm 

To pay off the loan sooner, she contributed $180,000 of extra payments over the decade and stuck to a budget as needed (pictured: the backyard)

To pay off the loan sooner, she contributed $180,000 of extra payments over the decade and stuck to a budget as needed (pictured: the backyard) 

With a $200,000 mortgage Annette would’ve allocated an average of $20,000 per year to the home loan. 

To pay off the loan sooner, she contributed $180,000 of extra payments over the decade and stuck to a budget as needed.

She still enjoyed living life by eating out and occasionally buying clothes from vintage stores, but only bought what she ‘needed’ and not what she ‘wanted’.

‘The home was a basic build to reduce the initial loan, then over five years I completed a whole list of features I wanted to add – like a back fence and chicken coop,’ she said.

She didn’t consider buying in an expensive city as she grew up in Kingaroy and can walk to work. 

During her early 20s Annette had tunnel vision and considered her future goals of getting married and having children.

‘I knew when I have kids I’d have less income, so I started as early as I could and now I’m mortgage-free,’ she said.

Annette married her now-husband Matt in 2015 who contributed to living expenses, but the main funds were deducted from her account.

They have also travelled the world visiting a new location once every year, including New Zealand, South Korea, Fiji and around Australia. 

To pay off the loan sooner, she contributed $180,000 of extra payments over the decade and stuck to a budget as needed (pictured: the home being built)

To pay off the loan sooner, she contributed $180,000 of extra payments over the decade and stuck to a budget as needed (pictured: the home being built) 

When asked how others can do the same, Annette strongly recommends buying in regional areas of Australia to save money (pictured: the backyard in 2011)

When asked how others can do the same, Annette strongly recommends buying in regional areas of Australia to save money (pictured: the backyard in 2011) 

How to pay off your mortgage faster: 

Buy in a regional area if possible to secure a lower home loan

Build a home instead of buying an existing home if possible 

Budget for extra repayments and have them automatically taken out

Ask yourself if an item you’re buying is a ‘need’ or a ‘want’ – attempt to only buy the things you need 

Make extra repayments as often as possible 

Live below your means 

Pay weekly instead of fortnightly

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When asked how others can do the same, Annette strongly recommends buying in regional areas of Australia to save money and to avoid ‘biting off more than you can chew’ to avoid financial stress. 

‘I have friends who bought huge houses in major cities and are struggling to pay off their mortgage,’ she said.

‘It was so hard for me – but the longer you leave it the harder it’ll become.’ 

Earlier this month the Reserve Bank of Australia decided to hike up interest rates by 0.50 per cent to 0.85 per cent in attempt to curb spiraling inflation, which has likely deterred buyers from purchasing a property.

Despite the current state of the market, Annette believes it’s still achievable to purchase your first home and pay it off in just a decade – though she warned to be open to settling for less.

‘I definitely think it’s doable, but you need to settle for what you can afford, not what you want,’ she said.

When considering purchasing a property, it’s essential to not exceed your borrowing capacity and understand your financial situation. 

How much you could be paying on your loan in 2023?

How much extra you could be paying by Christmas? 

$500,000: Monthly repayments will rise by $442 

$600,000: Monthly repayments will rise by $532

$750,000: Monthly repayments will rise by $665

$1,000,000: Monthly repayments will rise by $885 

Data is based the Reserve Bank of Australia raising the cash rate to 1.75 per cent by the end of 2022, inline with expectations. 

How much extra you could be paying by the end of 2023?

$500,000: Monthly repayments will rise by $652

$600,000: Monthly repayments will rise by $782

$750,000: Monthly repayments will rise by $977

$1,000,000: Monthly repayments will rise by $1303

Data based on the Reserve Bank of Australia raising the cash rate to 2.50 per cent by the end of 2023, inline with expectations.

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