Can I reduce my home loan term?
Yes, you can reduce the term of your mortgage in three ways:
- Ensure you're on the best interest rate possible. This will mean that with each month you're chipping away more at your principal loan amount.
- Make additional repayments. Anytime you can afford to, pay a little extra off your loan and reduce the overall balance further.
- Discuss shortening your term with your lender. This will mean you will pay off your loan in a shorter amount of time, but be aware that this may raise your regular repayment amount, and that some lenders may charge to charge your loan term.
Terms, conditions, fees, charges and credit criteria apply.