Did you know that in 1975 the average home loan size in Australia was $17,400? However, just10-years later by 1985 it had increased to $41,800. By 1995 the average mortgage was $95,600. By 2005 it had jumped to $277,500. And in 2015 the average Australian home loan size had reached $382,400.
If we look at the average mortgage is around $382,400 and if you are making the required repayments over 30 years at a 6.0% long-term interest rate your total repayments would be $825,365, in other words, you have repaid 216% of what you originally borrowed.
If you could repay that home loan in 12 years you would be saving $288,007 in interest, which you could put towards making yourself rich, not the banks.