If you are a permanent resident of Australia, over 18 years of age, and have never previously owned a property, whether partially or in full, you may be eligible for the First Home Buyer’s Grant. Can I repay my loan early? The answer to this question depends on the loan that you have. On most variable interest rate home loans you will have the option to make larger, extra, or lump sum repayments towards your loan. On a fixed interest rate loan you will often incur large fees and penalties for doing so. If the ability to pay above your necessary repayments is important to you, then make sure the loan you apply for allows for it.