What's an early settlement quote?
Updated 2 months ago
Your early settlement quote shows you how much it would cost to pay off your loan in full before the end of your agreed term. This will be made up of how much of your loan is left to pay, interest owed and an early repayment charge if one is applicable to you.
Your quote will also tell you when you need to make the payment by. If you don't make the payment in the allotted time your quote will expire. Your quote will also expire if you change your repayment date, make an extra repayment or miss a payment after generating your quote.
What's the rebate?
By settling a loan early, you could end up paying less in interest than if you stuck to the full loan term. If this is the case, you'll see your 'rebate' amount, which is how much you'll save by settling early through not having to make payments over the full term of the loan.
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