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Get mortgage free quicker
Making a few simple changes could save you thousands of dollars and take months, or even years, off your home loan.
Pay as much as you can afford
Are your home loan repayments as much as you can comfortably afford? You could save a lot by increasing your repayments by just $20 a week. Use our home loan calculator to see how much quicker you could pay your loan off by increasing your repayments.
However, if you've got a fixed rate home loan and you pay more than 5% of the principal in any one year, an early repayment cost could apply. So it's best to check with us before increasing your regular repayments or making a lump sum repayment.
If your interest rate falls, keep your repayment the same
Take advantage of an interest rate drop by keeping the same repayment amount. You'll effectively make extra repayments because you're paying more than you need to. And because you're already used to paying this amount, you won't even notice.
Protect yourself against interest rate changes
It isn't easy to predict when and how much interest rates will fluctuate. Splitting your home loan - part variable, part fixed – can help protect you from interest rate changes, at least in the short term.
Deposit any spare cash into your loan
Putting spare cash into your home loan rather than into a savings account can work out much better for you, because the amount you’d save in interest on your loan will probably outweigh the interest you’d earn. This is a particularly good way to use the variable portion of your loan, because you won’t be charged any fees for additional repayments.
Or, with our offset mortgage, you can link your savings and everyday accounts to your mortgage, and only pay interest on the difference between them. Your savings are still separate (unlike a revolving credit loan), but the more you save, the less interest you’ll pay on your home loan.
If you’ve got a fixed rate home loan and you pay more than 5% of the principal in any one year, an early repayment cost could apply. So it’s best to check with us before making any lump sum repayments.
Regularly review your loan
It's a good idea to regularly review your loan and repayments - at least every year or two, and anytime your circumstances change. If you need a hand, give us a call on 0800 000 654.
Talk to us now
It's our job to help you get mortgage free quicker, so call us on 0800 000 654 to discuss changes you can make.