An interest-only home loan lets you reduce your home loan repayments for a set period of time, by just paying off the accumulating interest rather the principal part of the loan.

It’s a handy way of reducing repayments in the short term, though it will likely increase the total cost of the loan.

Interest-only period

You can set your home loan to be interest-only for up to five years.
If you’ve got an investor home loan, you can apply to extend that interest-only period by up to another five years after that.

Extending your interest-only period

If you want to switch your current home loan to interest-only repayments, or if you need to extend your interest-only period, download and print this form.

Once you’ve filled it out, shoot it back to us by email, fax or post.
 
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