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Consider the following example:

If you can pay an extra $500 per month (or total monthly repayments of $2,909), you can save $105,600 in interest and cut 7 years and 3 months off your home loan.

If you can pay an extra $1,000 per month (or total monthly repayments of $3,409), you can save $157,700 in interest and cut 11 years and 2 months off your home loan.

Making extra mortgage repayments is a guaranteed way to reduce debt and create wealth.

Important Information

The information provided is general in nature and does not constitute financial advice. While we have taken reasonable care in providing this information, it should not be construed as being specific to your investment objectives, financial situation or particular needs. It's important for you to consider these matters before making any financial decision and we recommend you seek financial advice.