This will depend on the amount you borrowed, interest rates and your level of repayments. To receive an estimate on your loan completion date or information on making extra repayments, contact the department.
How can I own my home sooner?
You can own your home sooner by:
- Making weekly or fortnightly payments. For example, your monthly instalment, halved and paid every fortnight will make 13 monthly payments per year into the loan.
- Increasing your Direct Debit payments as detailed above. To increase payments, download the Direct Debit Request form Direct Debit Request form . Or for more information and the appropriate application form, view the repayment options.
- Paying extra using your payment card. Consider a regular amount (even $20 per fortnight will make a big difference over the term of the loan) or just pay extra when you have the money.
- Remember – when you make extra payments, you are building a 'nest egg' for the future.