Interest Only home loan repayments
Why choose interest-only?
A period of interest only repayments over the life of your loan, could help you manage your finances when changes in your circumstances mean you need to maximise your cash flow. Find out more about the benefits of an interest-only home loan.
Get out of debt
Overcome the loss of a loved one, a reduction in income, or clear your debts.
Cope with the unexpected
Prepare for a new baby, time off work due to illness, separation, or divorce.
Perks for investors
Reap potential tax benefits* by offsetting rental income against your costs.
Apply for an extension
If you still have time left on the 5-year limit for Owner occupied or 10-year limit for Investor home loans, you can apply for another interest-only term. Just call to apply.
Reached your time limit?
Reached your time limit on interest only, but don t want to switch to Principal and Interest? You could close out your current loan and apply for a new one. Call to discuss.
8am-8pm, Mon-Fri and 9am-6pm, Sat-Sun (Sydney time)
Interest-only and investors
When investing in property, an interest-only loan can be your best ally. Using the interest repayments to offset rental income and maintenance costs could come in handy at tax time. With up to 10 years available on interest-only repayments for Investment loans, choosing this option could go a long way to help you build a property investment portfolio.
Boost your home loan savings
Frequently asked questions
When you choose to make interest-only repayments on your home loan, you’re repaying the interest portion of the mortgage only. You’re not repaying the actual amount that you’ve borrowed. While with principal and interest repayments, you’re repaying both the interest and the loan balance.
Things you should know
Conditions, credit criteria, fees and charges apply. Residential lending is not available for Non-Australian Resident borrowers.
This information has been prepared without taking your objectives, needs and overall financial situation into account. For this reason, you should consider the appropriateness of the information and, if necessary, seek appropriate professional advice. This includes any tax consequences arising from any promotions for investors and customers should seek independent advice on any taxation matters.
*The taxation position described is a general statement and should only be used as a guide. It does not constitute tax advice and is based on current tax laws and their interpretation. You must seek independent tax advice to determine taxation implications that are applicable to your personal circumstances.
Credit provided by Westpac Banking Corporation ABN 33 007 457 141 AFSL and Australian credit licence 233714.