Money magazine Comments - Ask Paul: Is there a secret to smashing my mortgage early?

Comment by david horton ()

david horton () — Wed, 10 Sep 2025 18:36:18 +1000

I believe the 55 day interest free period has been substantially reduced in the last couple of years. I think by 14 days, but I'm not sure how to calculate it. Due date for me is now 14 days after the statement rather then previously 28 days (CBA).

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Comment by J Smith ()

J Smith () — Thu, 11 Sep 2025 15:10:57 +1000

this entirely depends on your card - I have 3 cards all with differing periods from statement to final balance date - I can get 55 days on two of them still if I purchase the date after statement

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Comment by Mike Ker ()

Mike Ker () — Mon, 19 Jan 2026 12:31:22 +1100

I'm in a position to pay off my mortgage (it has a redraw facility) I will have 12 years before it ends. They won't give me an interest only loan, can I keep the loan going even when it's paid off and use it when I feel like, (a bit like an overdraft) or do I have to close it down.

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