What extra repayments do
They reduce your loan balance sooner, so less interest is charged from then on.
What to check
- Whether your loan allows extra repayments. Some fixed rate loans limit how much extra you can repay each year without a fee.
- Whether you can get the money back if you need it, through redraw or an offset account.
- Whether you still have a cash buffer for emergencies.
Look at the whole picture
If you also have other debts, such as a car loan or credit cards, look at them together. We can set your debts out side by side, so you can see the full picture before deciding where extra money goes.
If you would like to go through your loan, Contact Us. No obligation.