If your home loan allows it, making additional repayments above the required amount could shave years off your loan and save you thousands. This extra mortgage repayments calculator can help you understand the difference your contributions can make, whether directly into paying off the loan or into your offset account.
For more help, reach out and discuss your goals with your local Loan Market broker.
How much can I save by making extra repayments?
This calculator can show you how much you could save by making extra repayments. You save money because any extra repayments go directly toward paying down the amount owing on the loan. Interest is calculated based on the amount owing, so the lower this amount is, the less interest you pay.
Can I make extra repayments on a fixed-rate home loan?
This depends on your lender. Some will allow extra repayments, some will have limits on the additional repayments you can make and others will not allow any. Check your loan details or ask your broker to have a look for you.
Is it better to make lump-sum payments or increase my regular repayments?
It is entirely up to you and whichever strategy is right for your circumstances. Increasing regular repayments could help ensure you are consistently paying down your loan and reduce your interest every time you do so. Lump sum repayments can be a great option if you hit a savings target, are paid a bonus, get a tax return or earn an additional sum of money. This can be helpful to see a larger chunk being paid down and will also reduce the interest you pay.
Will making extra repayments affect my redraw facility?
A redraw facility is a home loan feature that allows you to access extra repayments you have made. This means extra repayments will reduce the amount owing, but can also be accessed if needed. Note some lenders may charge a fee to access money in the redraw facility. Find out more about redraw facilities.
Find out how much sooner you could pay off your loan and how much you might save in interest by using an offset calculator.
Making additional repayments toward your home loan can help you to save money in interest. Find out how much of a difference lump sum repayments could make.
This calculator helps you calculate how much you can save over time with interest.
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Our Customer Care team is available weekdays, 8:30 AM to 5:30 PM.
With over 650 mortgage brokers throughout Australia, we’ve likely got someone just around the corner from you.
Looking for a career change? We’re committed to working with you to achieve your goals.
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