A home loan will have a loan term (usually between 8-30 years), which can have the option of principal and interest or interest only repayments.

For a principal and interest home loan, you will be required to pay a minimum monthly repayment. This repayment will require you to pay the interest charge, as well as reducing the principal amount of the loan over the required term.

For an interest only home loan (requires approval), you can take a maximum interest only period of 5 years. During this period, you will only be required to pay the interest charges. At the end of the interest only period, you will revert to a principal and interest repayment.