Repayment options

Different loan types offer different benefits. We can help you find the best loan option to suit your needs. 

Table loan

Table Loan WPC0342 graph v1 41With a Table loan your regular payments are the same each time (unless interest rates change). At first most of the money goes towards the interest you owe, but as your loan starts to go down more of each payment goes towards the principal.

This is the most popular type of home loan because it gives more consistency to your repayments.

Interest Only loan

Interest Only WPC0342 graph v1 11An Interest Only loan is where you pay only the interest owing each fortnight or month, but nothing off the principal. These are usually short-term loans (up to 5 years) to help keep payments low while you are building or renovating, or if you need bridging finance while you try to sell another home.You have to repay all the outstanding loan at the end – or get another loan. An Interest Only loan will cost you more in interest than a Table or Reducing loan because the principal isn’t going down.

Reducing (Flat) loan

Table Loan WPC0342 graph v1 41With a Reducing (Flat) loan you pay a set amount off the loan regularly plus the interest you owe. So your repayments are a lot higher at the start than later on but this can save you interest because you pay more off the principal earlier on.

Revolving Credit loan

Revolving Loan WPC0342 graph v1 31With a Revolving Credit loan your loan and everyday banking are combined in one account. There are no set repayments but you'll need to make sure your balance stays below the limit at all times. Our revolving credit loan is called Choices Everyday Floating and it gives you the most flexibility in your repayments.

Find out how you could split your home loan with our Split Home Loan Calculator