By contributing any extra income to your loan, in addition to your usual repayments, you are able to pay off your loan sooner and therefore you could save thousands of dollars in interest costs.
The earlier you pay off your loan the more money you save in interest charges.
The bank gives you the option of making extra repayments on your loan and then having the flexibility of being able to redraw on these extra repayments. Terms and conditions are available on application.
You can arrange to make automatic repayments either by payroll deduction, direct debit from your savings or transaction account, Internet or telephone banking. Setting up automatic repayments saves you time and should assist you to avoid any late fees.
