Interest Only Home Loan

You can nominate to have an interest only period on your home loan. Interest only periods can be useful when your money can be better spent elsewhere such as with home renovations or when investing money into other assets (i.e. shares or an investment property).

Interest only periods can be up to 10 years, however will be assessed based on the strength of your repayment capacity and the Loan to Valuation ratio of your Home Loan. As a general rule, you should make Principal and Interest repayments at all times unless you have a good reason for using your money elsewhere.