Making extra repayments on your home loan.

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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