You can choose to repay the entire amount of your loan early at any time.
If you choose to repay your entire loan early, Prospa will provide you with a discount on the remaining interest that is payable on your loan. The level of discount applied to your repayment amount will depend on how far you are into the loan term and, provided you are not in default, will be at least 25% of the remaining interest payable on your loan.
There are no additional fees for early repayment and no balloon payment at the end of your loan. Any outstanding late fees or default fees will not be waived and the discount will not be applied in respect of any interest payments that are in arrears. Once you make the final payment your balance will be $0.
If you wish to repay the entire balance of your loan early, you should ring Prospa on 1300 882 867 to obtain your early repayment figures and relevant payment details.