Extra Repayments: How to Cut Years Off Your Mortgage

Even small extra repayments can create outsized savings — because you’re reducing principal earlier.

Use the calculator:

• Tool: Home Loan Repayment Calculator
• Fill "Extra repayment per period"

The 3 most effective extra repayment strategies

1. Round your repayment up (e.g., +$50 or +$100 each period)
2. Add a fixed extra amount (e.g., +$200 fortnightly)
3. Use windfalls (tax return, bonus) as lump-sum reductions (if supported)

The biggest mistake

Paying extra but keeping “lifestyle debt” (credit cards, car loan) high. Kill high-interest debt first if relevant.

Extra repayments vs offset

If you need access to the money later, consider offset first. If you want a “set-and-forget” payoff plan, extra repayments can be stronger.

Next: Offset account guide → Offset account explained