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.