Takeaway spending could cost $80,000 in mortgage savings: survey
Australians estimate they waste $165 a month on purchases they consider unnecessary, with the cumulative cost potentially running to tens of thousands of dollars in mortgage interest.
A survey commissioned by insurer Youi found 93 per cent of respondents believed they wasted at least some money each month, while half estimated their unnecessary spending at $100 or more.
One in four estimated they wasted $200 or more a month.
Impulse online shopping was the most commonly cited money-wasting habit, nominated by 51pc of respondents.
It was followed by takeaway orders at 49pc and subscriptions that were rarely used at 48pc.
The survey of 1071 Australians found convenience was also a factor in discretionary spending, with 59pc reporting they spent money on convenience purchases at least monthly because they lacked time.
Uber eats savings
Analysis by Savvy, based on a 6.5pc interest rate and 25-year principal-and-interest loan, found an extra $165 a month could save $66,910 in interest on a $731,000 mortgage (as the average new owner-occupier loan size, based on Australian Bureau of Statistics data for the June quarter of 2026) and shorten the repayment period one year and 10 months.
Increasing the additional monthly payment to $200 would lift the estimated interest saving to $79,428 and cut the loan term by two years and three months.
Smaller contributions could also reduce borrowing costs (continues below).
An extra $50 a month on the same loan would save an estimated $21,796 in interest and bring the loan’s repayment date forward by seven months.
On a $400,000 mortgage, an additional $165 a month would save $61,844 in interest and shorten the loan term by three years and two months, under the same interest-rate and repayment assumptions.
The estimates assume the interest rate remains unchanged throughout the loan and that the borrower continues making the additional payments.
“Making non-essential or convenience purchases shouldn’t need to be cut out entirely for most Australians to make a difference on their home loan,” Savvy mortgage broker Daniel Carter said.
“With cost-of-living creep continuing to keep a tight grip on many Aussies’ finances, it’s important for many to treat themselves every once in a while,” he added.
“However, it’s still important to take stock of your spending habits and see where you can make life easier for your future self,” according to the executive.
“Cutting back on takeaway or online shopping by half, a third or even a quarter each month where you’re able to do so mightn’t be exactly what you want, but it could deliver savings to the tune of tens of thousands across the life of your mortgage”.
Borrowers can generally make additional repayments or use an offset account, where available, to reduce the interest charged on their home loan.
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