What is the difference between principal and interest vs interest-only repayments?

Principal and interest (P&I) repayments pay down both the loan balance and the interest each period. Interest-only (IO) repayments only cover the interest charge, meaning the loan balance stays the same during the IO period.

Are fortnightly repayments better than monthly?

Yes, paying fortnightly can save significant interest over the life of the loan. By paying half the monthly amount every two weeks, you effectively make 26 half-payments (13 full monthly payments) per year instead of 12.

How much are repayments on a $600,000 home loan?

At 6.2% interest over 30 years on a principal and interest basis, monthly repayments on a $600,000 loan are approximately $3,672.

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