Home Loan Repayment Calculator

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How to reduce your mortgage repayments?

There are several strategies you can employ to reduce your home loan repayments:

  • Extend your loan term: You can potentially reduce your monthly repayments by extending the term of the loan back to 30 years.

  • Switch to interest-only repayments: With owner-occupier home loans, the mortgage repayment generally pays off the principal and the interest. Switching to interest-only repayments can lower your monthly repayment amount.

  • Request a repayment pause: Some lenders may allow you to pause your repayments for a short period of time, which could provide temporary relief.

  • Lower your interest rate: One of the most effective ways to reduce your mortgage repayments is to lower your interest rate. This can often be achieved by negotiating with your current lender or refinancing with a new lender.

  • Open an offset account: An offset account is a bank account linked to your home loan. The money in this account offsets your home loan amount, so you are charged less interest overall.

  • Refinance with a new lender: If your current lender won’t budge on your interest rate, it may be worth looking at other lenders.

Want to know how you can reduce your mortgage repayment? Book an appointment with our senior credit representative today.