Can I make extra repayments on a personal loan?

Can I Make Extra Repayments on My CommBank Personal Loan?

Taking out a personal loan can be a great way to achieve your financial goals, whether it’s consolidating debt, financing a home renovation, or making a large purchase. But what if you find yourself in a position to make extra repayments and pay off your loan faster?

With CommBank fixed and secured personal loans, you can make extra repayments, potentially saving you interest and shortening the loan term. However, it’s important to understand that early repayment may impact your loan terms.

Here’s what you need to know:

• Flexibility: CommBank allows you to make lump sum payments or increase your regular repayments, giving you control over your loan repayment strategy.
• Potential Savings: By making extra repayments, you can reduce the total interest you pay over the life of the loan and pay it off sooner.
• Impact on Loan Terms: While early repayment can be beneficial, it’s important to consult your loan agreement. Your loan terms may be affected, such as a change in the interest rate or a potential early repayment fee.
• Understanding the Details: Before making any extra repayments, carefully review the terms and conditions of your loan agreement. This document will outline any specific rules or fees associated with early repayment.

Here’s how to find more information:

• Contact CommBank: Call their customer service line or visit a branch to discuss your specific loan and any potential changes you’re considering.
• Review Your Loan Agreement: This document contains all the details about your loan, including any terms related to early repayment.

Making Extra Repayments: A Smart Financial Move

Making extra repayments on your CommBank personal loan can be a strategic move to save money and gain financial freedom faster. However, it’s crucial to understand the potential impact on your loan terms. By understanding the details and communicating with CommBank, you can make informed decisions and maximize the benefits of early repayment.