Reduce interest costs

Check out our tips on saving money on your mortgage rate costs.

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Tips for saving money on your mortgage rate costs

The following examples are based on a $250,000 mortgage at 9% p.a. for a term of 30 years.

Pay your mortgage fortnightly instead of monthly

make half your monthly mortgage payment fortnightly

this means you will make two extra payments a year

on a $250,000 mortgage you can cut around eight years off your loan term

you will save around $151,000 or 32% in interest rate payments

Increase your regular mortgage payments

pay an extra $50 a fortnight on a $250,000 mortgage

you will pay off your mortgage six years earlier and save 24% in interest rate charges

Shorten your loan term

change a $250,000 mortgage from a 30 year loan term to a 25 year loan term

you could save up to 20% in interest rate charges or $95,000

Pay lump sums off your mortgage

paying $10,000 off a $250,000 mortgage could shorten your loan term by five years

this would be a 23% saving in interest rate charges or around $108,000

Keep mortgage payments the same if the interest rate drops

you could save money on interest and pay off your mortgage faster

Westpac’s home loan lending criteria apply. An establishment charge may apply. A Low Equity Margin may apply. An additional fee or higher interest rate may apply to loans if the application is accepted but does not meet the standard lending criteria.

The information on this page is presented subject to our legal page and any other terms and conditions that Westpac may impose from time to time. It is subject to change without notification.