Fact Checked
Lender | Home Loan | Interest Rate | Comparison Rate* | Monthly Repayment | Repayment type | Rate Type | Offset | Redraw | Ongoing Fees | Upfront Fees | Max LVR | Lump Sum Repayment | Additional Repayments | Split Loan Option | Tags | Features | Link | Compare | |
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
6.10% p.a. | 6.10% p.a. | $2,033 | Interest-only | Variable | $0 | $0 | 80% | ||||||||||||
6.24% p.a. | 6.30% p.a. | $2,080 | Interest-only | Variable | $395 | $180 | 80% | ||||||||||||
6.24% p.a. | 6.16% p.a. | $2,080 | Interest-only | Variable | $0 | $0 | 80% | ||||||||||||
6.43% p.a. | 6.68% p.a. | $2,143 | Interest-only | Variable | $0 | $530 | 80% | ||||||||||||
6.49% p.a. | 6.35% p.a. | $2,163 | Interest-only | Variable | $0 | $0 | 80% | ||||||||||||
6.54% p.a. | 6.56% p.a. | $2,180 | Interest-only | Variable | $null | $530 | 80% | ||||||||||||
6.54% p.a. | 6.26% p.a. | $2,180 | Interest-only | Variable | $0 | $750 | 80% | ||||||||||||
6.55% p.a. | 6.67% p.a. | $2,183 | Interest-only | Variable | $0 | $0 | 70% | ||||||||||||
6.55% p.a. | 6.67% p.a. | $2,183 | Interest-only | Variable | $0 | $0 | 60% | ||||||||||||
6.54% p.a. | 6.37% p.a. | $2,180 | Interest-only | Variable | $0 | $600 | 80% | ||||||||||||
6.54% p.a. | 6.37% p.a. | $2,180 | Interest-only | Variable | $0 | $600 | 80% | ||||||||||||
6.69% p.a. | 6.49% p.a. | $2,230 | Interest-only | Variable | $0 | $0 | 60% | ||||||||||||
6.69% p.a. | 6.75% p.a. | $2,230 | Interest-only | Variable | $390 | $0 | 80% | ||||||||||||
6.72% p.a. | 6.43% p.a. | $2,240 | Interest-only | Variable | $10 | $500 | 80% | ||||||||||||
6.73% p.a. | 6.39% p.a. | $2,243 | Interest-only | Variable | $0 | $0 | 60% | ||||||||||||
6.74% p.a. | 6.84% p.a. | $2,247 | Interest-only | Variable | $0 | $1,189 | 80% | ||||||||||||
7.18% p.a. | 7.25% p.a. | $2,393 | Interest-only | Variable | $0 | $0 | 80% | Disclosure | |||||||||||
7.26% p.a. | 7.07% p.a. | $2,420 | Interest-only | Variable | $8 | $350 | 60% | Disclosure | |||||||||||
7.63% p.a. | 7.05% p.a. | $2,543 | Interest-only | Variable | $0 | $160 | 70% | Disclosure | |||||||||||
8.03% p.a. | 8.35% p.a. | $2,677 | Interest-only | Variable | $395 | $150 | 97% | Disclosure |
Frequently Asked Questions
Just as you can with a variable rate principal and interest mortgage, it is possible to pay off a variable rate interest-only mortgage early. This would typically involve either selling the house or making very large voluntary principal repayments.
Having an interest-only mortgage does not affect your credit rating any more than having a principal and interest mortgage.
Yes, there are many interest-only fixed-rate mortgages available. Fixed rate interest-only home loans are short-term home loan contracts that only require you to pay off the interest on the amount borrowed and pay at a fixed rate.
Many lenders allow variable rate interest-only borrowers to make lump sum repayments off the principal during the interest-only period, however, you may be required to fill out a form each time you want to do so.
Borrowers may apply to switch to interest-only payments from principal and interest, but this is subject to lender’s approval.