Thoroughbred Home Loans - Repayments

When you take out a Thoroughbred Fixed or Floating Rate Home Loan, you have the following repayment choices:

Table

Table repayments (the most common option) are more stable than other payment options.

The total amount of interest that must be paid over the duration of the loan is added to the principal, and then divided into equal repayments over the term of the loan.

With table repayments:

  • You will know what your repayments will be so budgeting becomes easier.
  • The proportion of principal and interest in each of your repayments changes over time. Early on, you are paying more interest than principal. So if you sell your home within a year or two, the principal may not have substantially reduced. As the principal is reduced over time you will gradually increase the equity in your home.
  • You can choose weekly, fortnightly or monthly payments.
  • You can choose table repayments on Thoroughbred Fixed Interest Rate or Thoroughbred Floating Interest Rate Home Loans

Repayment Table

Straight line

The amount of principal you are borrowing is divided into equal repayments over the term of the loan, and then interest is applied to each of these repayments. Each repayment includes the same amount of principal, so as the total principal reduces, so does the interest charged. This way the repayments reduce a little each time.

With straight line repayments:

Straight Line Repayments

Interest only

On an interest only loan you only pay the interest each repayment and must repay the principal, or amount borrowed, at the end of the loan term.

With interest only repayments:

  • Because you are not paying off principal over the term of the loan, interest only home loans are most suitable if you are expecting some capital gain to help you pay off the principal at the end of the interest only term - from a sale of your investment property, for example
  • You can choose a one to ten year term
  • You pay back your interest only loan on a monthly basis
  • You can choose interest only repayments on Thoroughbred Fixed Interest Rate or Thoroughbred Floating Interest Rate Home Loans.

Interest only repayments are often popular with people buying residential rental properties.

Interest Only Repayments

Our lending criteria and an application fee apply. Conditions apply to home loan pre-approvals. A low equity premium may apply where a loan amounts to over 85% of the property’s value. A registered valuer’s report will also be required for lending over 80% of the property’s value. (Home Loan fees)

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