It is possible to change your repayments, up or down. However, there are a few important things to be aware of.
Voluntary additional repayments
With a Tiimley Own home loan, you can make unlimited additional repayments if you have a variable rate home loan, or up to $20,000 per year if you have a fixed rate home loan.
The additional repayments made will be available to you via our free redraw facility.
Making a permanent change to your repayment amount
This is also known as a loan variation.
You'll need to arrange a loan variation with our in-life team, which will incur a fee. Why? Because as responsible lenders, we'll need to assess whether a loan variation is the right thing to do by you.
Increasing your set home loan repayments can reduce the overall interest paid over the life of your loan, and shorten your loan term.
Reducing your home loan repayments has the opposite effect - your loan repayments will be lower, but it also means your loan term is lengthened and you pay more interest over the life of your loan.
Unforeseeable changes in your life might impact your ability to make your repayments. Many lenders offer support for people experiencing speaking to our in-life team about your options.
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