Paying your loan off sooner

If you’re a variable rate home loan customer and things are going ahead of schedule you can repay your mortgage in full at any time. However, a deferred establishment fee may be payable if you choose to repay your mortgage in full within four years from the  date of the first loan drawing.  Other fees may also apply.

 

If you have a fixed rate, you can repay up to an extra $10,000 off your mortgage per year. If you want to repay more than $10,000 on your mortgage in any given year, or repay your loan in full before the agreed maturity date of the fixed rate, you will need to pay an administrative fee and may also need to pay an early repayment adjustment.

 

If you want to switch to a loan with a variable rate before the agreed fixed term is over, you will need to pay a switching fee and may also need to pay an early repayment adjustment. View our switching terms and conditions (PDF 487KB).

• Download our early repayment factsheet (PDF 63KB)

 

There are three ways you can repay your mortgage loan earlier than planned. These are:

• Increase the regularity of your repayments.
• Make larger repayments.
• Make lump sum repayments.

 

Increase the frequency of your repayments

You could save on interest and pay off your mortgage sooner by making fortnightly or weekly repayments instead of monthly and in turn building equity in your home.
 

If you choose fortnightly repayments you’ll pay half of your monthly repayments each fortnight. Because there are 26 fortnights every year, this is equivalent to making an extra month’s repayment each year. This means you’ll build equity in your home more quickly, plus pay off your loan sooner and save in interest.

• Log into NetBank to and increase the regularity of your repayments or register for NetBank now.

 

Make larger repayments

You also have the choice of paying more than your required monthly repayment amount to pay your mortgage off and build equity. This way you could reduce your mortgage term and save on interest.

• Log into NetBank to make larger payments on your mortgage or register for NetBank now.

 

Make lump sum payments

If you can make lump sum repayments, especially in the earlier years of your mortgage, your total repayment amount could end up being less meaning you could own your home sooner.

Log into NetBank to make a lump sum payment or register for NetBank now.

 

Talk to an expert

To find out how you could pay off your mortgage and own your own home sooner, email one of our home loan experts to arrange an appointment or locate an expert nearest you or call 13 2224.