Benefits of Home Loans With Unlimited Additional Repayments

What is unlimited additional repayments?

If you have unlimited additional repayment you can pay extra on your mortgage without being penalised. You can make additional repayments of any amount every time you make a repayment. However, this is only applicable if you’re on a variable interest rate.

As an example, imagine your home loan amount is $350,000 at 3.64% interest. Your minimum monthly repayment is $1,599.14. The total amount you will pay in interest is $225,689 over 30 years. If you decide to add $150 on top of the minimum repayment, you will only pay a total of $189,316 in interest. That’s a saving of $36,373, plus you pay off your loan five years earlier.

You can use our additional repayment calculator to get an estimate of how much you can save from making extra repayments. This calculator is very easy to use. You just need to input your loan amount, loan term, payment frequency, and the amount of your additional repayment.

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Recommended reading

Choosing the Best Variable Rate Home Loan

One important decision you will have to make is how to configure the interest rate on your loan. Know why most people choose variable rate home loan.


Benefits of a Split Home Loan

Splitting your home loan lets you reap the benefits of a variable rate where you can make additional repayments and get access to your offset redraw facility.


Understanding Home Loan Interest Rates

As interest rate has a big impact on your mortgage repayments, it’s crucial to understand the different types of interest rates and how they work

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