While a home loan repayment calculator can help you work out what your repayments may be, finding out how to repay your mortgage faster can require you to delve a bit deeper into a home loan product.

Most Mortgage Street home loans come with a range of features that can help you pay off your home loan faster. They include:

• Additional Repayments are available. Making additional payments is an important element of any plan to pay off your mortgage quicker. Mortgage Street has a variety of home loans that don’t penalise you for making extra payments, which may help you pay off your loan faster and save thousands of dollars in interest.
• A redraw function might make it easy to make additional payments on a regular basis. The prospect of making additional payments on a monthly basis might be daunting and unknown for some people. You may make extra payments and access them whenever you want using a redraw function. You don’t have to use the money for anything linked to your house or home loan, and you can withdraw any extra payments you’ve made as long as the minimum repayments have been maintained.
• Offset Accounts. Your repayments may also be aided through a 100% interest offset account. It’s a feature that allows you to pay less interest by using a non interest bearing sub account. The difference between the two accounts is used to compute interest, which may save you thousands of dollars over the life of the loan. You may use the money saved to make extra payments on your mortgage, allowing you to pay it off faster.
• Lump sum payments. While this is not a feature of a mortgage loan, it is a method of paying it off more quickly. If you get a great tax return, a raise, or inherit money, putting it toward your mortgage can help you save money in the long run. If your home loan package includes a redraw function, you can still use it if necessary.