Can I make additional repayments on my home loan, and will this reduce the interest charged?

Yes and Yes - it's a good idea to make extra repayments toward your home loan. Even the smallest amount can make a huge difference over a 10 year period.

Yes, you can make additional repayments on most home loans, and doing so can significantly reduce the interest charged over the life of the loan. By paying more than the minimum required amount, you decrease the principal balance faster, which in turn reduces the interest calculated on the remaining loan amount. However, it's important to check if your loan type allows for extra repayments without penalty, as some fixed-rate loans may have restrictions or fees for early repayments. Always review your loan agreement or consult with your lender to understand the terms regarding additional repayments.

Simple answer is YES and YES! As long as you have a variable rate loan product. If you have a fixed loan it would be wise to check with you lender what the restrictions are. Repaying a fixed loan ahead of the scheduled term could constitute "breaking" the contract and there may be some expensive fees associated.

Yes, you can make additional repayments on your home loan, and this will reduce the interest charged. Making additional repayments can help you pay off your loan sooner, saving you money in the long run. When you make additional repayments on your home loan, the extra money is put towards reducing the principal amount of your loan. This means that the amount of interest charged on the remaining loan balance is reduced. It is important to note that not all home loans allow for additional repayments. Some lenders may charge a fee for making extra repayments or have a limit on the amount of additional repayments you can make. It is important to check the terms and conditions of your loan before making any extra repayments. If you are looking for a home loan with competitive interest rates and the ability to make additional repayments, you can check out Goodrate on https://goodrate.com.au/home-loan to see current interest rate offers.