With some budget planning, repaying your home loan could be more achievable than you think. But we understand that you might want to make some changes to your loan over its lifetime, or even pay it off early. Here you’ll find some useful tips on repaying your loan and information on how you could pay it off earlier than anticipated.
Repaying your home loan
By managing your mortgage loan in NetBank you can review transactions from as far back as two years ago, view loan statements as far back as seven years ago, change your repayment amounts or schedule additional repayments.Register or find out more about managing your mortgage in NetBank
You could reduce your home loan interest and pay off your loan faster with an offset account.
- Everyday Offset is an add-on feature to the Complete Access account, linking it to your Standard Variable Rate Home/Investment Home Loans
- 100% offset. Every cent in your Everyday Offset reduces the interest you pay on your home loan, every single day
- Ability to link your home loan to multiple individual and joint accounts with Everyday Offset in the same name(s) or combination of names as your linked home loan for one monthly fee ($10)
- There is no minimum holding balance required; every cent in your linked accounts with Everyday Offset will offset the balance of your home loan
- Accounts with Everyday Offset, provide full transactional capability and real time banking with NetBank and the CommBank app.
* For the interest offset to apply there must be a minimum of $1,000 in the MISA.
If you’re nearing the end of a fixed-rate period on your mortgage, there are a number of options available to you, including:
- Leaving your loan to convert to the Standard Variable Rate.
- Switching to another Fixed Rate.
- Other loan options like a Wealth Package.
Fees and conditions may apply to these options.
Now might be the perfect time to book a free Home Loan Health Check to help find the best option for you.
Applications for finance are subject to the Bank’s normal credit approval including a valuation if applicable. Full terms and conditions are included in the Loan Offer. Fees and charges are payable.
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As this advice has been prepared without considering your objectives, financial situation or needs, you should before acting on this advice, consider its appropriateness to your circumstances. Terms and conditions for the transaction and savings accounts mentioned are available from commbank.com.au or from any branch of the Bank. If you have a complaint, the Bank’s dispute resolution process can be accessed on 13 2221.