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 |
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
5.74% p.a. | 6.42% p.a. | $1,913 | Interest-only | Variable | $0 | $600 | 60% | |||||||||||
6.19% p.a. | 6.90% p.a. | $2,063 | Interest-only | Variable | $150 | $350 | 70% | |||||||||||
6.39% p.a. | 6.16% p.a. | $2,130 | Interest-only | Variable | $0 | $0 | 70% | |||||||||||
6.43% p.a. | 6.68% p.a. | $2,143 | Interest-only | Variable | $0 | $530 | 90% |
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6.43% p.a. | 6.68% p.a. | $2,143 | Interest-only | Variable | $0 | $530 | 90% | |||||||||||
6.72% p.a. | 6.42% p.a. | $2,240 | Interest-only | Variable | $10 | $690 | 90% | |||||||||||
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 | $600 | 95% | |||||||||||
6.74% p.a. | 6.77% p.a. | $2,247 | Interest-only | Variable | $0 | $500 | 80% | |||||||||||
6.79% p.a. | 6.50% p.a. | $2,263 | Interest-only | Variable | $0 | $0 | 80% | |||||||||||
6.94% p.a. | 6.47% p.a. | $2,313 | Interest-only | Variable | $0 | $835 | 70% | |||||||||||
7.19% p.a. | 7.03% p.a. | $2,397 | Interest-only | Variable | $0 | $595 | 90% | |||||||||||
7.19% p.a. | 6.62% p.a. | $2,397 | Interest-only | Variable | $0 | $840 | 90% | |||||||||||
7.19% p.a. | 6.92% p.a. | $2,397 | Interest-only | Variable | $10 | $450 | 80% | |||||||||||
7.09% p.a. | 6.49% p.a. | $2,363 | Interest-only | Variable | $0 | $495 | 90% | |||||||||||
7.29% p.a. | 7.30% p.a. | $2,430 | Interest-only | Variable | $0 | $100 | 70% | |||||||||||
7.46% p.a. | 7.27% p.a. | $2,487 | Interest-only | Variable | $8 | $0 | 80% | |||||||||||
7.79% p.a. | 7.49% p.a. | $2,597 | Interest-only | Variable | $0 | $160 | 80% | |||||||||||
8.14% p.a. | 8.14% p.a. | $2,713 | Interest-only | Variable | $0 | $0 | 70% | |||||||||||
9.29% p.a. | 9.17% p.a. | $3,097 | Interest-only | Variable | $8 | $800 | 95% |
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.