The great thing about paying off your home loan early is that you reduce the total amount of interest you pay, as you pay less interest as your home loan gets smaller and you don't pay interest on anything once you've discharged your home loan. One thing you should be mindful of, however, are any early repayment fees that may be applicable for your home loan.

As of July 2011, 'exit fees' were banned on new home loans, but you should still speak with your lender to get a better understanding of any additional fees that may apply if you pay off your home loan early.

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