Our steps to making sure you get the most of Interest Only.
💜 Have a plan for when you will start paying the loan principal. Be aware that when you start paying the principal, your repayments would be higher compared to Interest Only repayments
💜 See how you can reduce your Interest Only loan repayments by making regular or ad hoc extra payments into your redraw or offset
💜 Keep an eye on your circumstances changing and switch back to P&I ahead of time if you can
💜 Calculate the additional cost of Interest Only over the period you’ll use it. Choosing an Interest Only mortgage for a period of the loan will mean you pay more interest overall over the life of the loan