Fact Checked
Lender | Home Loan | Interest Rate | Comparison Rate* | Monthly Repayment | Repayment type | Rate Type | Offset | Redraw | Ongoing Fees | Upfront Fees | LVR | Lump Sum Repayment | Additional Repayments | Split Loan Option | Tags | Features | Link | Compare |
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
6.43% p.a. | 6.68% p.a. | $2,143 | Interest-only | Variable | $0 | $530 | 90% | |||||||||||
6.04% p.a. | 7.41% p.a. | $2,013 | Interest-only | Fixed | $0 | $180 | 90% | |||||||||||
6.14% p.a. | 6.20% p.a. | $2,047 | Interest-only | Variable | $0 | $835 | 70% | |||||||||||
6.19% p.a. | 6.47% p.a. | $2,063 | Interest-only | Fixed | $390 | $0 | 60% | |||||||||||
6.19% p.a. | 6.19% p.a. | $2,063 | Interest-only | Variable | $0 | $0 | 60% | |||||||||||
6.29% p.a. | 6.30% p.a. | $2,097 | Interest-only | Fixed | $0 | $0 | 79.99% | |||||||||||
6.34% p.a. | 6.34% p.a. | $2,113 | Interest-only | Fixed | $0 | $0 | 80% | |||||||||||
6.35% p.a. | 7.14% p.a. | $2,117 | Interest-only | Fixed | $395 | $0 | 95% | |||||||||||
6.39% p.a. | 6.20% p.a. | $2,130 | Interest-only | Fixed | $0 | $840 | 90% | |||||||||||
6.39% p.a. | 6.41% p.a. | $2,130 | Interest-only | Fixed | $6 | $799 | 90% | |||||||||||
6.54% p.a. | 8.35% p.a. | $2,180 | Interest-only | Fixed | $8 | $800 | 95% | |||||||||||
6.84% p.a. | 7.62% p.a. | $2,280 | Interest-only | Fixed | $8 | $0 | 70% | |||||||||||
7.09% p.a. | 9.03% p.a. | $2,363 | Interest-only | Fixed | $8 | $600 | 70% | |||||||||||
6.43% p.a. | 6.68% p.a. | $2,143 | Interest-only | Variable | $0 | $530 | 90% |
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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.