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This is the cost incurred when you make an additional payment (either a partial payment, or a payment that pays out your loan in full; including refinance) that exceeds the lender’s allowable amount (e.g. $10,000 per year) during the fixed rate period. Depending on your fixed interest rate and how long you have to go until your fixed term ends, it could come to a significant amount.

This information in this article is general only and does not take into account your individual circumstances. It should not be relied upon to make any financial decisions. uno can’t make a recommendation until we complete an assessment of your requirements and objectives and your financial position. Interest rates, and other product information included in this article, are subject to change at any time at the complete discretion of each lender.

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Helen is Head of Content at uno - the smarter, faster way to get a better home loan.

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