Did you know there are all sorts of ways to pay off your home loan faster? Here’s how.
Make extra repayments
Making additional lump sum payments, say from tax refunds or work bonuses, could have a significant impact on the life of your loan and how much interest you pay.
Even making smaller, regular extra repayments could help you save in interest over the life of your loan.
Change the frequency of your repayments
If you’re paying your home loan repayments monthly, look into changing to a fortnightly or weekly repayment schedule.
This could help you pay off your mortgage faster.
Speak to us for a practical example of how this works.
Make sure you have the right type of loan
Check with us about whether additional loan features could help you pay off your mortgage faster.
An offset account, for example, allows you to offset any money you deposit into a transaction account against your loan balance, saving you money on interest.
Likewise, a redraw facility could be beneficial, allowing you to make extra repayments and save in interest, while still giving you access to those funds.
Like to know more?
There may be other ways to pay down your mortgage faster. Speak to us and we’ll help you put a plan in place to reach your home ownership goal sooner.