These home loans offer low costs, coupled with a host of features, giving the best overall value.
7+
Great
These home loans may have slightly higher interest rates or fewer features but overall, a competitive offering.
5+
Standard
Usually the home loans would offer above average rates. They may still include some competitive features.
0+
Basic
Higher costs and/or fewer features.
Making extra repayments on your home loan each month can save you a lot of money in interest charges. This is true whether it's $5, $50 or $500. You can use Finder's extra loan repayment calculator to discover just how much a little extra can save you.
Just enter some basic details about your loan below.
We currently don't have a partnership for that product, but we have other similar offers to choose from (how we picked these
):
While making 1 or 2 additional payments doesn’t make much impact, if you keep doing this on an ongoing basis the benefits become more noticeable. For example:
You repay $2,051 each month for a $500,000 loan at 2.79%.
After 1 year of having the loan, you round this up to $2,100 – an extra repayment of just $49 per month.
This will at least remove 12 repayments from the loan cycle, as you'll save interest and pay out your loan after 29 years.
This is the impact you can have with an extra home loan repayment of just $49. Imagine if you were able to add an extra $250 per month into your repayment?
In this case, you'd own your home outright almost 5 years sooner.
That's 5 years of no mortgage repayments!
When you make extra payments, make sure your lender applies it to the principal and does not save it for the next payment. In addition, make sure your lender allows you to make additional repayments, because some home loans attract prepayment penalties or have limits on the amount of additional payments you can make.
Using an extra home loan payments calculator gives you a good indication of how much you stand to save by making extra payments. You’ll notice is that the sooner you start making extra payments, the greater the impact will be.
How to use the extra home loan payments calculator
Using the extra repayments calculator requires you to input details about your existing home loan. Here’s the information you’ll need:
Loan amount. This is not the original loan amount, but how much of the principal loan amount you still have to pay. If your loan was for $600,000 and you’ve already paid $200,000 towards the principal, enter $400,000.
Interest rate. This refers to the interest rate that your home loan attracts and it can be fixed or variable.
Loan term. This refers to length of time you have left on your home loan.
Repayment frequency. Mention if your payments are weekly, fortnightly, or monthly.
Extra amount. This is how much you wish to pay in addition to your regular repayments. In this case, the more you can pay the better.
Starts after date. This indicates when you want to start making extra payments. For example, if you've already had your home loan for 5 years and want to start making extra payments now, enter 5.
After entering the required information the calculator automatically tells you the effect your extra payments will have on the life of your loan. Moving the mouse over the graph lines informs you of the impact on a year-to-year basis.
Elizabeth has paid $150,000 towards the principal of her $650,000 home loan with a 5.50% p.a. rate and she still has 20 years of the original 30 years to go before she can truly call her home her own. With a steady source of income, making additional payments isn't much of a problem and luckily, the home loan she has allows her to make extra repayments without imposing any penalties.
Using the calculator, she works out that by increasing her monthly payment from $2,271.16 to $ 2,371.16 – an increase of $100 – she can reduce the loan term by 17 months and save around $18,000 in interest.
She doesn't stop there, though. She figures that rounding off her monthly payment is just as affordable and that's exactly what she does. She now makes a monthly payment of $2,400, which is $128.84 more than her regular payment. She will now save 22 months off her loan term and more than $22,000 in interest.
* This is a fictional, but realistic, example.
Frequently asked questions about making extra payments on your mortgage
Would it help if I also change my monthly payments to fortnightly or weekly payments?
Yes. You will be making the same value of repayments each month, but as there’s an extra fortnight in the year you’ll be making an additional repayment every year. While it doesn’t seem like much, this does add up over the loan term.
If I make extra payments and need the money later on, is there any way I can access it?
Many home loans come with redraw facilities that allow you to do just this. They allow you to make extra repayments, and then access this extra money as and when required.
What if my lender imposes extra repayment penalties?
If this is the case, you might want to calculate to see which one is more profitable. If the penalties exceed the savings, there’s no point making extra payments.
If you think you can make extra repayments towards your home loan and if your lender allows it, doing so can be in your best interest. Not only do you stand to save money, you also pay off your loan sooner. Before making extra repayments, don’t forget to find out if you can do so without facing any penalties.
Compare home loans from across the market
{"userFilters":[{"componentType":"MULTI-SELECT CHECKBOX","options":{"comparator":"contains","includeAllSelection":false,"defaultMatcher":"ANY","values":["Owner-occupier","Investor"],"fields":[{"label":"Owner-occupier","value":"Owner-occupier","comparator":"contains"},{"label":"Investor","value":"Investor","comparator":"contains"}]},"dataSelector":{"recordType":"VARIANT","fieldCode":"DETAILS.LOAN_PURPOSE"},"dataType":"TEXT","label":"Loan Purpose","queryParameter":"loanpurpose","order":0},{"componentType":"MULTI-SELECT CHECKBOX","options":{"comparator":"contains","includeAllSelection":false,"defaultMatcher":"ANY","values":["Fixed","Variable"],"fields":[{"label":"Fixed","value":"Fixed","comparator":"contains"},{"label":"Variable","value":"Variable","comparator":"contains"}]},"dataSelector":{"recordType":"PRODUCT","fieldCode":"DETAILS.PRODUCT_TYPE"},"dataType":"TEXT","label":"Loan type","queryParameter":"loantype","order":1},{"componentType":"MULTI-SELECT CHECKBOX","options":{"comparator":"contains","includeAllSelection":false,"defaultMatcher":"ANY","values":["5","10","20","30","40"],"fields":[{"label":"less than 5%","value":"5","comparator":"lte"},{"label":"10%","value":"10","comparator":"eq"},{"label":"20%","value":"20","comparator":"eq"},{"label":"30%","value":"30","comparator":"eq"},{"label":"40% or more","value":"40","comparator":"gte"}]},"dataSelector":{"recordType":"VARIANT","fieldCode":"DETAILS.MIN_DEPOSIT"},"dataType":"PERCENTAGE","label":"Min. deposit","queryParameter":null,"order":2},{"componentType":"SINGLE-SELECT CHECKBOX","options":{"fields":[{"label":"Offset account","fieldCode":"FEATURES.MORTGAGE_OFFSET","comparator":"eq","value":"1"},{"label":"Redraw facility","fieldCode":"FEATURES.FACILITY_REDRAW","comparator":"eq","value":"1"},{"label":"Extra repayments","fieldCode":"FEATURES.EXTRA_PAYMENTS","comparator":"eq","value":"1"},{"label":"Cashback","fieldCode":"GENERAL.CASHBACK","comparator":"eq","value":"1"},{"label":"Finder award winner","fieldCode":"GENERAL.FINDER_AWARDS_WINNER","comparator":"eq","value":"1"}]},"dataSelector":{"recordType":"VARIANT","fieldCode":null},"dataType":null,"label":"Features","queryParameter":"features","order":3},{"componentType":"PROVIDER","options":null,"dataSelector":{"recordType":"PRODUCT","fieldCode":"GENERAL.PROVIDER_ID"},"dataType":"UUID","label":"Lender","queryParameter":null,"order":4},{"componentType":"FULL MARKET COMPARISON","options":null,"dataSelector":{"recordType":null,"fieldCode":null},"dataType":null,"label":"Finder Partners","queryParameter":null,"order":5}],"niche":{"currencySymbol":"$","decimalPoint":".","decimalPlaces":"2","thousandsSeparator":","},"prefilled":false,"experimental":false}
We currently don't have a partnership for that product, but we have other similar offers to choose from (how we picked these
):
What is Finder Score?
The Finder Score crunches 7,000 home loans across 120+ lenders. It takes into account the product's interest rate, fees and features, as well as the type of loan eg investor, variable, fixed rate - this gives you a simple score out of 10.
To provide a Score, we compare like-for-like loans. So if you're comparing the best home loans for cashback, you can see how each home loan stacks up against other home loans with the same borrower type, rate type and repayment type. We also take into consideration the amount of cashback offered when calculating the Score so you can tell if it's really worth it.
As an authority on all things personal finance, Sarah Megginson is passionate about helping you save money and make money. She is an editor and money expert with 20 years’ experience and an extensive background in property and finance journalism. Sarah holds ASIC RG146-compliant Tier 1 Generic Knowledge certification, and she's a regular media commentator, appearing weekly on TV (Sunrise, Channel 7 news, Nine news), radio (KIIS FM, Triple M, 3AW, 2GB, 6PR) and in digital and print media. See full bio
Sarah's expertise
Sarah has written 191 Finder guides across topics including:
Home equity can help you access extra financing from lenders to spend on things like home renovations or investment properties. Find out how you can calculate the equity in your home.
An offset account calculator can help you estimate the savings of a 100% home loan offset. Calculate your savings and compare 100% offset home loans today.
Want to know how to calculate monthly repayments on your new mortgage? In five steps our free home loan repayment calculator crunches the numbers for you.
How likely would you be to recommend Finder to a friend or colleague?
0
1
2
3
4
5
6
7
8
9
10
Very UnlikelyExtremely Likely
Required
Thank you for your feedback.
Our goal is to create the best possible product, and your thoughts, ideas and suggestions play a major role in helping us identify opportunities to improve.
Important information about this website
Finder makes money from featured partners, but editorial opinions are our own.
Finder is one of Australia's leading comparison websites. We are committed to our readers and stand by our editorial principles
We try to take an open and transparent approach and provide a broad-based comparison service. However, you should be aware that while we are an independently owned service, our comparison service does not include all providers or all products available in the market.
Some product issuers may provide products or offer services through multiple brands, associated companies or different labeling arrangements. This can make it difficult for consumers to compare alternatives or identify the companies behind the products. However, we aim to provide information to enable consumers to understand these issues.
We make money by featuring products on our site. Compensation received from the providers featured on our site can influence which products we write about as well as where and how products appear on our page, but the order or placement of these products does not influence our assessment or opinions of them, nor is it an endorsement or recommendation for them.
Products marked as 'Top Pick', 'Promoted' or 'Advertisement' are prominently displayed either as a result of a commercial advertising arrangement or to highlight a particular product, provider or feature. Finder may receive remuneration from the Provider if you click on the related link, purchase or enquire about the product. Finder's decision to show a 'promoted' product is neither a recommendation that the product is appropriate for you nor an indication that the product is the best in its category. We encourage you to use the tools and information we provide to compare your options.
Where our site links to particular products or displays 'Go to site' buttons, we may receive a commission, referral fee or payment when you click on those buttons or apply for a product.
When products are grouped in a table or list, the order in which they are initially sorted may be influenced by a range of factors including price, fees and discounts; commercial partnerships; product features; and brand popularity. We provide tools so you can sort and filter these lists to highlight features that matter to you.
Please read our website terms of use and privacy policy for more information about our services and our approach to privacy.
We update our data regularly, but information can change between updates. Confirm details with the provider you're interested in before making a decision.
