#1 Access to your money
A few factors could impact your decision here. Things like life stage, your savings balance and the length of time left on your mortgage.
Mortgage
Extra payments you make on your home loan reduce your interest charges but generally cannot be accessed in the future. However, if you have an offset or redraw facility attached to your home loan, you can reduce your interest charges by making extra payments, while knowing that you can still access that money in an emergency or for other purposes. This can be particularly handy if your rainy-day savings account is looking a bit dry.
Super
On the other hand, the money you put into your super fund typically can’t be accessed until you reach your ‘preservation age’ – this is generally age 60, but may be as low as age 55 depending on the year you were born. In saying that, making extra contributions into your super can be a great way of putting extra money aside for your future, knowing that you likely can’t dip into it until you reach your preservation age.