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    How to pay off your mortgage faster

    By using our Extra Repayments Calculator you will find out how much time and interest you can save on your home loan by making more than the minimum repayment.
    Making additional repayments to your mortgage means you’re paying off your loan quicker, paying less interest, and saving money!

    To use this calculator, simply enter the extra repayment amount, how often it will be paid and when the repayment schedule will start.

    Check out how much your standard, minimum repayments could be with a loan at Reduce with our Mortgage Repayment Calculator.

    Remember, the more you repay and the more frequent the extra repayments, the bigger the potential savings throughout the life of your loan!

    How the Extra Repayment Calculator works

    To use this calculator, simply enter:

      1. The loan term
      2. The loan amount
      3. Your current interest rate
      4. Repayment frequency (weekly, fortnightly or monthly)
      5. How much you want to make in extra repayments
      6. How many years you are into your mortgage

    You will then be shown your results, with a handy graph breaking down your potential savings. You’ll be able to view your new monthly repayment amount, the projected total loan repayments and savings in interest and time, as well as an updated total loan term.

    For example, on a 30-year $500,000 home loan with a rate of 2.70 per cent, if you started paying an extra $300 a month after five years, you would save $31,118 in interest repayments, and shave 4 years and 4 months off your mortgage.

    Need a hand?

    Remember, you can talk directly to one of our accredited Personal Finance Managers on 1300 REDUCE (733 823). They’ll answer any of your questions and you can even apply for a home loan on the spot.

    Want a call back? Fill in a no-obligation enquiry form or speak to our live chat representatives and the next available Personal Finance Manager will call you back.

    Offset and Extra Repayment Calculator

    Two of the most convenient ways to pay down your mortgage faster or reduce your interest repayments may be through making extra repayments or using an offset account.

    Making additional repayments on your mortgage means you are chipping away at your total principal amount, which in turn will reduce your overall interest paid. An offset account, however, works as a linked savings or bank account to your home loan.

    Any money deposited here will “offset” or reduce your mortgage repayments, as your lender will calculate the amount owing on your home loan as minus the amount in the offset account. For example, a $500,000 loan with $50,000 in its linked offset account means the borrower would be making repayments as if the loan were $450,000.

    The Extra Repayment Calculator can show homeowners how much they may potentially save in time and money by making additional repayments on their mortgage each month. Whereas, the Offset Calculator shows homeowners just how much they may save in time and money by using this handy home loan feature.

    Lump Sum and Extra Repayment Calculator

    Most homeowners make additional repayments to their mortgages in two ways: regular extra monthly repayments or as a lump sum. Whether you’ve received a generous tax return this year, earned a bonus at work or inherited some money, you can make one-off lump sum payments towards your mortgage.

    If you’ve saved a lump sum you want to put towards your home loan amount, you can also use the Offset Calculator as an extra repayment and lump sum calculator.

    Simply enter:

      1. The loan term
      2. The loan amount
      3. Your current interest rate
      4. Repayment frequency
      5. Once-off lump sum payment amount
      6. How many years you are into your mortgage

    You’ll then be shown a graph and the lump sum calculation results. This includes an updated, estimated total amount you’ll pay on your mortgage, projected savings in interest and time on your mortgage, as well as an updated loan term.



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    Find the Cheapest Home Loan that’s right for you

    No matter what stage of the home loan journey you’re at, we’re here to help you find a great rate across variable, fixed or a mix of both.

    Our home loan range also offer great features and flexibility, so you can apply with confidence.


    Compare rates, features and fees across all our home loans in this easy table.

    FAQ Section

    1. How fast can I pay off my mortgage?

    There are a few factors that determine how quickly you can pay off your mortgage – your loan size, your loan term, your interest rate and your loan features. If you want to pay your home loan debt sooner, you may want to consider choosing a loan that allows for extra repayments without penalty. Making extra payments is one of the easiest ways to get on top of your debt quicker than your loan term.

    2. What is the average time taken to pay off a mortgage?

    The average home loan term is 25 to 30 years. Some homeowners may be able to pay off their mortgage sooner if their lender allows for extra repayments without penalty. Some lenders may even offer loans with terms as high as 40 years. While longer-term home loans may mean smaller monthly repayments, this option is much more expensive in the long run, as your total interest repayments will be significantly higher than average.

    3. How much can I save with extra home loan repayments?

    The amount you can save with extra home loan repayments depends on your home loan size, loan term and interest rate. For example, on a 30-year $400,000 home loan with a rate of 2.5 per cent, if you started paying an extra $250 a month after five years, you would save $23,433 in interest repayments, and shave 4 years and 6 months off your mortgage.

    4. Should you pay off your mortgage early?

    Paying off your mortgage early may save you thousands of dollars in interest and may shave years off of your mortgage. It may be worth considering paying off your mortgage early if your lender allows for extra repayments without penalty.

     5. Can you make extra repayments on a fixed loan?

    Home loan features, like making extra repayments, are often reserved for variable rate home loans. You may be able to make extra repayments on a fixed loan if this is a feature your lender offers. Check the product disclosure statement or speak to the lender for more information.

    Reduce Home Loans offers fixed loans with extra repayments available up to $20,000 per anniversary year during the fixed period. After the fixed period expires, the rate reverts to variable and unlimited extra repayments and redraw apply.