To own a principal and you will notice mortgage, you will be expected to spend the very least monthly fees. It payment will need you to definitely spend the money for notice charge while the better as the slow down the dominant level of the borrowed funds along the financing name.

To possess an attraction-only financial, you might simply take a max focus-only period of 5 years. During this time period, you will only have to spend the money for focus charge. At the conclusion of the interest-just period, you are going to return so you’re able to a principal and you can interest cost, you can also pay out the borrowed funds in full. Read more “My most recent home loan is through Suncorp Financial. Do i need to apply for refinancing?”