![]() Assuming regular payments, more of each following payment pays down your principal. Typically, the majority of each payment at the beginning of the loan term pays for interest and a smaller amount pays down the principal balance. For example, if you make a monthly mortgage payment, a portion of that payment covers interest and a portion pays down your principal. Mortgage amortization is the reduction of debt by regular payments of principal and interest over a period of time. Contact us on 13 11 82 with any questions, or visit your nearest branch to talk to a consultant.Do you have a 15- or 30-year fixed-rate loan that you’d like to pay down faster? You might find that making extra payments on your mortgage can help you repay your loan more quickly, and with less interest than making payments according to loan's original payment terms. Before using this advice to decide whether to purchase a product, you should consider your personal circumstances and the relevant Product Disclosure Statement (PDS), other Disclosure Documents, and Target Market Determination (TMD). Any advice provided is general advice only and does not take into consideration your personal objectives, financial situation or needs ("your personal circumstances"). ![]() Information such as interest rates quoted and default figures used in the assumptions are subject to change. ![]() Individual institutions apply different formulas. Results do not represent either quotes or pre-qualifications for the product. The results from this calculator should be used as an indication only. Comparison rates are based on an unsecured loan of $10,000 with monthly repayments over a term of 3 years. Car, caravan or motorcycle up to 7 years old, and Discounted Personal Loan comparison rates are based on a secured loan of $30,000 with monthly repayments over a term of five years. The repayment amount is based on certain assumptions, should be regarded as indicative only, and is not a quote nor pre-qualification for a personal loan. Terms, conditions, fees, charges and lending criteria apply and are available on application. People's Choice address is 50 Flinders St, Adelaide, 5000. It also provides more detail on how we manage and protect your personal information if you are interested. Our Privacy Policy (which you can obtain at this link, in branch or by contacting us on 13 11 82 and asking for a copy) contains more information on how you can access and correct your personal information, how we use your personal information (including how to opt out of marketing), how to complain if you believe we’ve breached our privacy obligations, and how we deal with complaints. We may also disclose your personal information to agents, contractors, government agencies and bodies who assist us in our dealings with you. We disclose your personal information to relevant members of our staff. You can opt out of receiving direct marketing from us at any time. We may not be able to contact you if you do not provide to us this information. We will only use this information, unless you are already a member or subsequently decide to obtain a service or product from us, to respond to your enquiry and to contact you from time to time to provide you with information about services and products which may be of interest to you (including products and services of third parties). People’s Choice Credit Union is collecting the above information so that we may respond to your enquiry and provide information in relation to products and services we provide.
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