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Paying Off Your Loan Sooner

Here are a few tips that can help you save money and pay off your loan sooner:

  • Make your loan repayments more frequently, weekly or fortnightly instead of monthly.
  • Increase your loan repayments when you can afford to or when interest rates are lower.
  • Make lump sum repayments. Whenever possible, put any extra money you have into your loan.
  • Home Loans Only - Use an offset facility to reduce your monthly interest. Instead of earning interest on your savings, you offset the interest against your home loan to reduce the amount of interest you pay.
  • If interest rates fall, try to keep your loan repayments the same.
  • Use The Mutual’s Budget Planner to see if you can find any extra money to pay more off your loan.

Questions?

If you have any questions, please contact us