Come into some extra cash? Paying off part of your loan early can have a big impact on your interest down the line.

Variable-rate loans

If you’ve got a variable loan you can make as many extra payments as you want, with no penalty whatsoever.

Fixed-rate loans

If you’re on a fixed-rate loan you can make up to $30,000 in extra payments during the fixed-rate period; going above that amount will attract a penalty fee. (Of course, once the loan reverts to a variable rate, there’s no extra payment limit.)

Making your extra repayment

There are three ways to make your extra repayment transfer:

·         ‘Push’ the money from your nominated account to your home loan account.

·         Use ME’s internet banking to ‘pull’ the money into your loan account from your nominated account, even if your nominated account isn’t with ME.

·         Make a regular transfer into your home loan account from any other account.

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Related FAQs

Paying off your home loan early.

The ins and outs on getting your loan paid down.

Variable vs fixed interest rates.

Get your head around the rate options available.

Redrawing from your home loan.

Need cash pronto? A free redraw from your home loan could do the trick.