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How often do I make a loan repayment?

Most home loan contracts require you to make monthly repayments. However, when making principal and interest repayments you can usually choose to make your repayments fortnightly or weekly. Fortnightly repayments are calculated as half of the monthly repayment and weekly repayments are calculated as a quarter of the monthly repayment.

The ability to make additional payments depends on the type of home loan you have. Some fixed interest rate home loans will only allow you to make additional payments of a pre-agreed amount per year without cost. You can make unlimited additional payments on a variable rate home loan.

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