Yes, it is sometimes possible. It depends on the lender and the conditions of your loan, but it would be a good idea to look for a loan that does allow you to make extra payments. That's because if you reduce the principal amount, the monthly interest charges will go down as well, and you will also be building up equity in your property. Or you could look for a loan with an offset account facility. This means that if you leave your spare cash in the offset account, this amount will be deducted from your principal when your monthly interest charges are being calculated.