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. Use Finder's extra loan repayment calculator to discover just how much you can save.
Extra loan repayment calculator
How to use the extra home loan payments calculator
Using the extra repayments calculator requires you to input details about your existing home loan.
Loan amount. This is the original loan amount you started with (if you want to put your current loan amount in, make sure you adjust the loan term down by the number of years you've had the loan for).
Interest rate. This refers to the interest rate that your home loan attracts and it can be fixed or variable.
Loan term. Put your entire loan term. Most borrowers opt for a 30-year term.
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.
The benefits of extra mortgage repayments
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.
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.
Using the extra mortgage repayment 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
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.
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.
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.
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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.
Sarah is the author of How to Raise Rich Kids. With over 20 years of experience in property, finance and investment journalism, she is a trusted expert whose insights regularly appear across television, radio and print media, including Sunrise, Channel 7 News, Bloomberg and Yahoo! Finance. She has previously served as managing editor for Your Investment Property and Australian Broker. Her expert advice has been shared in the media over 4,000 times. Sarah holds a Bachelor’s degree in Communications and a Tier 1 Generic Knowledge certification, which complies with ASIC standards.
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