1. Make extra repayments
If you receive additional income, such as a bonus or tax refund, you may consider using it to
make extra repayments on your home loan. Extra repayments have the potential to reduce
your principal and may reduce interest charged over time, depending on your loan structure.

2. Switch to fortnightly or weekly payments
Some borrowers choose to switch from monthly to fortnightly or weekly payments. Because
there are more weeks than months in a year, this approach may result in making the
equivalent of an extra monthly repayment annually, which could help reduce interest and
shorten the loan term.

3. Refinance to a lower interest rate
Refinancing to a home loan with a lower interest rate may reduce the interest you pay. This can be beneficial if rates have changed since your loan was established. Always consider your personal circumstances and any fees associated with refinancing.

4. Use an offset account
An offset account is a transaction or savings account linked to your home loan. The balance
in this account can reduce the interest calculated on your loan. Maintaining a higher balance
in an offset account may help reduce interest, depending on your loan terms.

5. Consolidate other debts
If you have other loans, such as a car loan or credit cards, some borrowers choose to consolidate these under their home loan. Home loan interest rates are often lower than other types of debt, but this approach may not suit everyone. Consider your overall financial situation and seek personalised advice if needed.