When scheduling your repayments, keep in mind:
- If you’re making interest only payments, only monthly payments are permitted. If you’re making principal and interest repayments, you can choose to make weekly, fortnightly or monthly repayments
- Whether you’re scheduling your payments monthly, fortnightly or weekly, make sure you’re repaying at least the amount you need to each month to meet the terms of your home loan contract (the minimum monthly repayment amount)
- If you have a fixed rate loan and you’re paying anything above the minimum monthly repayment amount, keep in mind that the extra repayment limit is up to $10,000 a year.