Your monthly repayments depend on a number of factors, including;
- How much you borrow test
- The interest rate
- The type of loan – variable or fixed?*
- The length or ‘term’ of your loan
- Your repayment frequency (eg fortnightly or monthly)
- Whether you’re making ‘principal and interest’ or ‘interest only’ repayments.
*A variable rate loan means payments go up and down depending on the Australian interest rate. A fixed rate loan means your repayments are fixed for a certain period of time