Like most people, you might be thinking of repaying your home loan in a shorter period, than wait for decades. One of the first important steps to do is look for a home loan with cheap interest rates. Remember, you're in this for the long haul. You may think that an extra 0.5 percent isn't much today, but it could be a lot in the next couple of years, particularly if you factor in employment stability, inflation rates, and the like.

Look for good introductory rates, especially if you don't have much at the start but looking ahead in terms of money coming in soon.

Also, do your homework on low interest rate personal loans. Don't just take in the word of your banker or mortgage brokers. People who are selling you things usually are trying to earn themselves a hefty commission, too. It's better that you know at least the basics of what's out there so you can make your own decision in the end.

There's also an emerging trend of online money lenders and banks. Take ING for example- a completely online bank with the highest return on interest around! While it may take a little more effort to sort out the good from the bad, online lenders can certainly offer the price cuts that conventional brick and mortar institutions just can't.

Regarding loan repayments, why not choose the plans that allow you unlimited extra repayments? Instead of monthly payments, why not make it weekly? Some loans frown on extra loan repayments. Others put a cap on certain amounts. A few even charge you for extra fee if you will pay out the loan early! Making extra repayments may strain your finances a bit but think of the rewards in a couple of years. What if your financial obligations increase in the next few years, should you decide to have children, or start a new business?

What you can do to squeeze out those extra repayments is to cut down some spending on other areas. That money that is available on your credit card is not real cash. It is nothing but a glorified loan. Easy loans that do rollovers like a credit card don't plan on you getting your balance down to zero at the end of each month. Instead, they're calling you to increase your limit!

Whatever happened to the good old savings account anyway? If you cut back on smokes, a cup of coffee, and pack your lunches each day, it might save you around $300 to $500 per month! Try it! These things are “little luxuries” and doing without it to pay off your loans will make a huge difference.

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