Pay Off Your Loan Sooner

We can help you pay off your loan sooner, helping you achieve financial freedom or giving you equity to reinvest back into the market. Our team of mortgage brokers can help make this dream a reality, so you can achieve your financial goals sooner, rather then later.

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How To Pay Off Your Loan Sooner?

Paying your loan off sooner doesn’t have to involve drastic cuts to your lifestyle and monthly surplus cash flow. Incremental extra repayments made consistently can have a dramatic impact on the life of your loan. For example, if you have a Principal and Interest loan of $500,000 over 30 years with an interest rate of 3.50%, making an extra repayment of $200 per month could shave four years off the life of the loan and save you $46,497 in interest.

Offset accounts

An offset account is a transaction account that’s linked to your home loan account. It can provide you with more flexibility and potential savings as it means that instead of being charged interest on the full loan balance, interest is charged on the loan balance minus the amount that’s in your offset account.

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Redraw facility

A mortgage with a redraw facility is specifically designed to allow you to make additional repayments and redraw them at another time if you need to. This gives the benefit of allowing you to make extra payments and reduce the amount of interest you pay overall, while giving you the freedom to withdraw the money back out of your mortgage should it be necessary.

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What our clients say

    
 
 
      Posted on Google  
   
   Scott Hughes 
 October 20, 2026
 
 
 Trustindex verifies that the original source of the review is Google. Inovayt were extremely helpful, the team all worked together to get a result we were happy with.
  
 
     Posted on Google  
   
   Abbey O'Callaghan 
 October 19, 2026
 
 
 Trustindex verifies that the original source of the review is Google. This is the second time Inovayt has helped me purchase a property. Chris was responsive and helpful throughout the entire process, answering my questions and consistently providing options that suited my personal circumstances.

Beyond securing the mortgage, Chris and the team continued to support me throughout the term of my previous loan, making sure I was always getting the best rate possible.

I always felt that Chris genuinely wanted the best outcome and value for me, and worked hard to make it happen.

Couldn’t recommend Inovayt more highly!
  
 
     Posted on Google  
   
   Yehudah Kinderman 
 October 19, 2026
 
 
 Trustindex verifies that the original source of the review is Google. This is our second home loan successfully executed by Simon and the team and he has done a magnificent job for us. Countless hours on the phone discussing and figuring things out and we can’t recommend Simon enough!
For anyone considering top quality Melbourne service with a great bloke, this is perfect for you.
Steve and Sossy
  
 
     Posted on Google  
   
   Todd Milham 
 October 18, 2026
 
 
 Trustindex verifies that the original source of the review is Google. We had the absolute pleasure of working with Duane to purchase our first home. We were pretty hard customers as business owners, but he was incredibly efficient, kept us up-to-date with each stage, and worked tirelessly to secure us finance. Could not be happier and highly recommend Duane and the wider Inovayt team for all your financing needs!
  
 
     Posted on Google  
   
   Debbie Sims 
 October 16, 2026
 
 
 Trustindex verifies that the original source of the review is Google. It’s been slow and methodically completed, with them finding out of needs, what we felt comfortable doing and then thoroughly and transparently provided our options.  They were very supportive and patient. There communication was on point and efficient
  
 
     Posted on Google  
   
   Diana Brown 
 October 15, 2026
 
 
 Trustindex verifies that the original source of the review is Google. Brendan and Kat were great highly recommend
  
 
     Posted on Google  
   
   Zac Thompson 
 October 15, 2026
 
 
 Trustindex verifies that the original source of the review is Google. Couldn’t recommend Duane enough! Being first-home buyers, we had no idea what to expect going into the whole process, but Duane made everything so much easier.

He was always happy to answer any questions we had, explained everything clearly and made sure we knew what was going on every step of the way. He went above and beyond to help us get into our first home and genuinely made the whole experience a lot less stressful than we expected.

Really appreciate all the time and effort he put into helping us out. Couldn’t have asked for a better broker and would definitely recommend him to anyone looking to buy a home.

Thanks again, Duane!
  
 
     Posted on Google  
   
   David Anstis 
 October 14, 2026
 
 
 Trustindex verifies that the original source of the review is Google. Could not fault the service provided, Justin and his team were excellent. From initial consultation to settlement was speedy and seamless. The solution provided was not only comparable but addressed all my requests and concerns. 10/10 recommend .
  
 
 
  
 
 
   Google rating score: 5.0 of 5, based on 1521 reviews

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Repayment frequencies

Many people pay off their home loans on a monthly basis because they get paid monthly. However, it is possible with some loans to make mortgage repayments on a fortnightly or weekly basis, and this could cost you less over the term of your home loan. When you make your repayments fortnightly, you end up paying an additional month per year due to there being 26 fortnights annually, not 24. Essentially, this means that you might not only save money in the long run, but you might also reduce the time you pay off your mortgage.

Extra repayments

If you have a variable rate mortgage loan, you may be eligible to make extra repayments on your loan. Sometimes, lenders will cap this at a certain amount, however, the more money you’re able to pay into your loan, the quicker you’ll be able to pay it off.

Our repayment’s calculator can help you figure out how much extra repayments you can make, and what it will save you.

Although we have outlined some basic debt reduction strategies above, it’s best to speak with an Inovayt mortgage broker to develop a personalised strategy to suit your circumstances.

Repayment Calculator

Helpful resources

Looking to pay off your loan?

Our calculator helps you calculate your repayments, giving you the ability to budget and save on interest!

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Find an Inovayt Finance broker near you

Our team of expert brokers are with you through every step of the way on your home buying journey. Not only do we help you find the right loan, we also stay with you right up until after settlement, helping you navigate stamp duty and other home buying fees.

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