The best way is to simply obtain the best possible interest rate and also to reduce your interest costs by repaying your capital faster. Here are some worthwhile strategies:
- Increase your payment frequencies. Ask us how much you could save in interest by making accelerated weekly or bi-weekly payments.
- Take advantage of lump-sum payments
- Increase your payments
- Take advantage of the double up option
Each year, at the anniversary date of your loan, you can usually repay up to 20% (could be higher with some financial institutions) of the original borrowed amount without having to pay any commissions or penalties.
Once a year, you can also increase by as much as 20% your regular payment amount without commissions or penalties.