Other useful moves
Change Loan Term
Pay off years sooner.
Loan term is one of the most under-used levers in a home loan. Cutting a 30-year loan back to 25 years, or lifting a demanding term back to 30 for cashflow relief, can materially change both the monthly repayment and the total interest paid over the life of the loan.
Things to consider
- A shorter term raises the monthly repayment but slashes total interest — check serviceability.
- Extending a term lowers the monthly figure but usually raises total interest — sometimes worth it for cashflow, but not by default.
- You often don't need to formally shorten the term — just paying above the minimum has the same effect.
- Some lenders charge fees to formally change the term — an informal extra-repayment approach can be equivalent.
Related equity uses
Three more ways homeowners commonly put usable equity to work.
Explore whether change loan term could work for you — complimentary, no obligation.
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