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What to do when you have paid off your mortgage

  Written by 
Bill Tsouvalas
Bill Tsouvalas is the managing director and a key company spokesperson at Savvy. As a personal finance expert, he often shares his insights on a range of topics, being featured on leading news outlets including News Corp publications such as the Daily Telegraph and Herald Sun, Fairfax Media publications such as the Australian Financial Review, the Seven Network and more. Bill has over 15 years of experience working in the finance industry and founded Savvy in 2010 with a vision to provide affordable and accessible finance options to all Australians. He has built Savvy from a small asset finance brokerage into a financial comparison website which now attracts close to 2 million Aussies per year and was included in the BRW’s Fast 100 in 2015 as one of the fastest-growing companies in the country. He’s passionate about helping Australians make financially savvy decisions and reviews content across the brand to ensure its accuracy. You can follow Bill on LinkedIn.
Our authors

Published on November 20th, 2020

Last updated on June 6th, 2023



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Getting the mortgage monkey off your back as soon as possible is the number one thing most mortgage holders wish to do, and thankfully it is possible. If you are nearing the end of paying off your mortgage and owning your home outright, there are a few handy things to know when discharging your lender and thinking ahead in terms of what to do with your money.

Celebrate the victory

Celebrate the victory lap of all the hard work that you had to put in tied in with the discipline of being able to pay off your mortgage. It’s a huge achievement that needs to be celebrated, whether you do it with a cup of wine under the roof of the house you own outright, or a celebratory dinner, take the moment to celebrate.

Remove your lender from the Certificate of Title

It sure will feel good being able to discharge your mortgage once you have placed your last payment on it. According to The Conversation, 31% of Australians own their houses outright. Make sure to Discharge your mortgage, which is basically removing your lender from your Certificate of Title.

It is important to do this to avoid complications, especially if you are planning to sell your home. How you can do this is to notify your lender. Your lender will then give you a Discharge Authority form. Once this process has been completed make sure that you register your Discharge of Mortgage at the Land Titles office in your state.

Where to from here?

Now that you have the freedom of not having to meet mortgage repayments you will have a surplus of finances left over. As tempting as it may be to go all out and splurge it on a holiday around the globe, a car you have been eyeing, or just treating yourself, you could put it to better use by growing it. This is more so if your retirement is edging around the corner. Growing your money while paying off other debt can be worthwhile. However, it is vital that you carefully consider the places in which you will invest in and whether you will be able to comfortably afford this investment. Investments that could be beneficial are things such as:

  • Investing in property
  • Increasing your life insurance policy amount
  • Open a high-interest savings account
  • Investing in a business

Setting goals that won’t push you back to square one

Although there is a surplus of cash that is now available you still must be careful in terms of how you plan to use it. The last thing that you want after making such an accomplishment of paying off your mortgage is pushing yourself into a debt spiral that can blow a hole in your finances or even cause you to lose your house. Try by all means to avoid taking more debt and get rich quick fixes as this could end up costing you more. You can speak to a financial advisor who will be able to give you some advice on the best ways to use your money.

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  Written by 
Bill Tsouvalas
Bill Tsouvalas is the managing director and a key company spokesperson at Savvy. As a personal finance expert, he often shares his insights on a range of topics, being featured on leading news outlets including News Corp publications such as the Daily Telegraph and Herald Sun, Fairfax Media publications such as the Australian Financial Review, the Seven Network and more. Bill has over 15 years of experience working in the finance industry and founded Savvy in 2010 with a vision to provide affordable and accessible finance options to all Australians. He has built Savvy from a small asset finance brokerage into a financial comparison website which now attracts close to 2 million Aussies per year and was included in the BRW’s Fast 100 in 2015 as one of the fastest-growing companies in the country. He’s passionate about helping Australians make financially savvy decisions and reviews content across the brand to ensure its accuracy. You can follow Bill on LinkedIn.
Our authors

Published on November 20th, 2020

Last updated on June 6th, 2023



Fact checked

At Savvy, we are committed to providing accurate information. Our content undergoes a rigorous process of fact-checking before it is published. Learn more about our editorial policy.

This guide provides general information and does not consider your individual needs, finances or objectives. We do not make any recommendation or suggestion about which product is best for you based on your specific situation and we do not compare all companies in the market, or all products offered by all companies. It’s always important to consider whether professional financial, legal or taxation advice is appropriate for you before choosing or purchasing a financial product.

The content on our website is produced by experts in the field of finance and reviewed as part of our editorial guidelines. We endeavour to keep all information across our site updated with accurate information.

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