The faster you can pay off your home loan the better, but you need to be careful. If you have a fixed rate loan then your repayments are normally restricted, so check your loan details before overpaying fortnightly or monthly, or making a lump sum repayment, to make sure you don't get stung with any fees or charges.
If you have a variable rate loan there are several ways to pay off your loan faster.
Make sure that you are paying everything you can afford to into your mortgage. To do this first track your spending by using a budgeting tool to understand where your money is going.
If you make repayments monthly try switching to fortnightly. Paying more often will reduce the total amount of interest you pay over-time and help you pay off your loan quicker.
Consider paying your salary into your mortgage account and then paying your bills from there. Having a lower balance will reduce the amount of interest you pay over time.
If you can afford it, when interest rates go down, try to keep the same level of repayments. This is a great way to get ahead on your repayments.
You are able to make a lump sum repayment using Aussie Online however it is best to call a customer contact centre on 1300 44 55 66 to discuss all of the options available to you.
How do I make a lump sum repayment?
The faster you can pay off your home loan the better, but you need to be careful. If you have a fixed rate loan then your repayments are normally restricted, so check your loan details before overpaying fortnightly or monthly, or making a lump sum repayment, to make sure you don't get stung with any fees or charges.
If you have a variable rate loan there are several ways to pay off your loan faster.
You are able to make a lump sum repayment using Aussie Online however it is best to call a customer contact centre on 1300 44 55 66 to discuss all of the options available to you.
Want to find out more?
Talk to a broker