Video· Payoff· Debt
Small Extra Repayments Make a Big Difference
Published · 1 min read
Paying an extra $50 a week could save around $130,000 in interest.
💰 Small changes can make a surprisingly big difference over time.
Many homeowners think they need to find hundreds of extra dollars every week to make a dent in their mortgage. But that's often not the case.
For example, on a typical $600,000 home loan, paying just an extra $50 a week could save around $130,000 in interest and help you become mortgage-free more than four years sooner.
Increase that to $100 a week, and the savings could exceed $200,000, while cutting more than seven years off your mortgage.* The key isn't making one huge repayment.
It's making small, consistent extra repayments whenever you can.
Every extra dollar goes straight towards reducing your loan balance, which means less interest is charged over time. That's the power of compound interest... working for you instead of against you.
💬 If you found an extra $50 a week in your budget, would you spend it today, or use it to potentially save yourself thousands in the future?
*Figures are illustrative only and based on a typical $600,000 mortgage over 30 years at approximately 6.5% p.a. Actual savings will vary depending on your loan, interest rate and repayment history.
Disclaimer: General information only. Eligibility criteria, lending criteria, terms and conditions, and Government Scheme availability apply. This is not personalised financial or credit advice.
