Mortgage Repayments on $1 Million

The table below displays the repayments based on current interest rates for $1,000,000 variable home loans from our Online Partners.

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promoted
Fees & charges apply. Australian Credit Licence 237391.
5.54%
Variable
5.57%
$5,703
Principal & Interest
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$0 application fees, monthly or annual fees
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Cashback
Owner occupied
20% min deposit
Redraw facility
Fees & charges apply. Australian Credit Licence 237391.
Fees & charges apply. Australian Credit Licence 237391.
promoted
Fees & charges apply. Australian Credit Licence 395219.
5.54%
Variable
5.58%
$5,703
Principal & Interest
dot
Available for purchase or refinance, min 10% deposit
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Fast turnaround times to meet tight settlement timeframes
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No application, ongoing or monthly fees.
Owner occupied
10% min deposit
Redraw facility
Fees & charges apply. Australian Credit Licence 395219.
Fees & charges apply. Australian Credit Licence 395219.
promoted
Fees & charges apply. Australian Credit Licence 234945.
5.49%
Variable
5.40%
$5,672
Principal & Interest
dot
A simple low rate with an increasing discount.
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Apply in minutes. No Unloan Fees.
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Fee-free extra repayments and redraw.
Owner occupied
20% min deposit
Redraw facility
Fees & charges apply. Australian Credit Licence 234945.
Fees & charges apply. Australian Credit Licence 234945.
promoted
Fees & charges apply. Australian Credit Licence 230686. Products issued by ubank, part of NAB.
5.69%
Variable
5.71%
$5,798
Principal & Interest
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Easy application. Fast approval. No annual fee.
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Unlimited additional repayments free of charge.
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Products issued by Ubank, part of NAB
Owner occupied
20% min deposit
Redraw facility
Fees & charges apply. Australian Credit Licence 230686. Products issued by ubank, part of NAB.
Fees & charges apply. Australian Credit Licence 230686. Products issued by ubank, part of NAB.
promoted
Fees & charges apply. Australian Credit Licence 240701.
5.63%
Variable
5.66%
$5,760
Principal & Interest
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Award-winning products and service. Fast approvals.
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Discover competitive rates, no ongoing fees & flexible options.
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P&N Bank is your local way home.
Owner occupied
40% min deposit
Redraw facility
Fees & charges apply. Australian Credit Licence 240701.
Fees & charges apply. Australian Credit Licence 240701.
promoted
Fees & charges apply. Australian Credit Licence 234945.
5.49%
Variable
5.40%
$5,672
Principal & Interest
Owner occupied
20% min deposit
Redraw facility
Fees & charges apply. Australian Credit Licence 234945. Star Rating for a $750k owner occupier variable rate P+I loan at 80% LVR
Fees & charges apply. Australian Credit Licence 234945. Star Rating for a $750k owner occupier variable rate P+I loan at 80% LVR
promoted
Fees & charges apply. Australian Credit Licence 237476.
5.49%
Variable
5.50%
$5,672
Principal & Interest
Cashback
Owner occupied
20% min deposit
Redraw facility
Fees & charges apply. Australian Credit Licence 237476. Star Rating for a $750k owner occupier variable rate P+I loan at 80% LVR
Fees & charges apply. Australian Credit Licence 237476. Star Rating for a $750k owner occupier variable rate P+I loan at 80% LVR
promoted
Fees & charges apply. Australian Credit Licence 238311.
5.49%
Variable
5.53%
$5,672
Principal & Interest
Owner occupied
40% min deposit
Redraw facility
Fees & charges apply. Australian Credit Licence 238311. Star Rating for a $750k owner occupier variable rate P+I loan at 80% LVR
Fees & charges apply. Australian Credit Licence 238311. Star Rating for a $750k owner occupier variable rate P+I loan at 80% LVR
promoted
Fees & charges apply. Australian Credit Licence 496431.
5.54%
Variable
5.55%
$5,703
Principal & Interest
Owner occupied
10% min deposit
Redraw facility
Fees & charges apply. Australian Credit Licence 496431. Star Rating for a $750k owner occupier variable rate P+I loan at 80% LVR
Fees & charges apply. Australian Credit Licence 496431. Star Rating for a $750k owner occupier variable rate P+I loan at 80% LVR
promoted
Fees & charges apply. Australian Credit Licence 237391.
5.54%
Variable
5.57%
$5,703
Principal & Interest
Cashback
Owner occupied
20% min deposit
Redraw facility
Fees & charges apply. Australian Credit Licence 237391. Star Rating for a $750k owner occupier variable rate P+I loan at 80% LVR
Fees & charges apply. Australian Credit Licence 237391. Star Rating for a $750k owner occupier variable rate P+I loan at 80% LVR
promoted
Fees & charges apply. Australian Credit Licence 395219.
5.54%
Variable
5.58%
$5,703
Principal & Interest
Owner occupied
10% min deposit
Redraw facility
Fees & charges apply. Australian Credit Licence 395219. Star Rating for a $750k owner occupier variable rate P+I loan at 80% LVR
Fees & charges apply. Australian Credit Licence 395219. Star Rating for a $750k owner occupier variable rate P+I loan at 80% LVR
promoted
Fees & charges apply. Australian Credit Licence 236476.
4.99%
3 year fixed
5.75%
$5,362
Principal & Interest
Owner occupied
5% min deposit
Redraw facility
Fees & charges apply. Australian Credit Licence 236476. Star Rating for a $750k owner occupier 3 year fixed rate P+I loan at 80% LVR
Fees & charges apply. Australian Credit Licence 236476. Star Rating for a $750k owner occupier 3 year fixed rate P+I loan at 80% LVR
promoted
Fees & charges apply. Australian Credit Licence 244533.
5.49%
Variable
5.85%
$5,672
Principal & Interest
Owner occupied
20% min deposit
Redraw facility
Fees & charges apply. Australian Credit Licence 244533. Star Rating for a $750k owner occupier variable rate P+I loan at 80% LVR
Fees & charges apply. Australian Credit Licence 244533. Star Rating for a $750k owner occupier variable rate P+I loan at 80% LVR
promoted
Fees & charges apply. Australian Credit Licence 231204.
4.99%
2 year fixed
5.86%
$5,362
Principal & Interest
Owner occupied
20% min deposit
Redraw facility
Fees & charges apply. Australian Credit Licence 231204. Star Rating for a $750k owner occupier 2 year fixed rate P+I loan at 80% LVR
Fees & charges apply. Australian Credit Licence 231204. Star Rating for a $750k owner occupier 2 year fixed rate P+I loan at 80% LVR
promoted
Fees & charges apply. Australian Credit Licence 238311.
5.30%
2 year fixed
5.38%
$5,553
Principal & Interest
Owner occupied
5% min deposit
Redraw facility
Fees & charges apply. Australian Credit Licence 238311. Star Rating for a $750k owner occupier 2 year fixed rate P+I loan at 80% LVR
Fees & charges apply. Australian Credit Licence 238311. Star Rating for a $750k owner occupier 2 year fixed rate P+I loan at 80% LVR
promoted
Fees & charges apply. Australian Credit Licence 236476.
5.39%
Variable
5.46%
$5,609
Principal & Interest
Owner occupied
40% min deposit
Redraw facility
Fees & charges apply. Australian Credit Licence 236476. Star Rating for a $750k owner occupier variable rate P+I loan at 80% LVR
Fees & charges apply. Australian Credit Licence 236476. Star Rating for a $750k owner occupier variable rate P+I loan at 80% LVR
promoted
Fees & charges apply. Australian Credit Licence 496431.
5.29%
2 year fixed
5.50%
$5,547
Principal & Interest
Cashback
Cashback
Owner occupied
10% min deposit
Redraw facility
Fees & charges apply. Australian Credit Licence 496431. Star Rating for a $750k owner occupier 2 year fixed rate P+I loan at 80% LVR
Fees & charges apply. Australian Credit Licence 496431. Star Rating for a $750k owner occupier 2 year fixed rate P+I loan at 80% LVR
promoted
Fees & charges apply. Australian Credit Licence 214077.
5.49%
Variable
5.52%
$5,672
Principal & Interest
Owner occupied
40% min deposit
Redraw facility
Fees & charges apply. Australian Credit Licence 214077. Star Rating for a $750k owner occupier variable rate P+I loan at 80% LVR
Fees & charges apply. Australian Credit Licence 214077. Star Rating for a $750k owner occupier variable rate P+I loan at 80% LVR
promoted
Fees & charges apply. Australian Credit Licence 238981.
5.49%
Variable
5.55%
$5,672
Principal & Interest
Owner occupied
40% min deposit
Redraw facility
Fees & charges apply. Australian Credit Licence 238981. Star Rating for a $750k owner occupier variable rate P+I loan at 80% LVR
Fees & charges apply. Australian Credit Licence 238981. Star Rating for a $750k owner occupier variable rate P+I loan at 80% LVR
promoted
Fees & charges apply. Australian Credit Licence 388053.
5.54%
Variable
5.59%
$5,703
Principal & Interest
Cashback
Owner occupied
40% min deposit
Redraw facility
Fees & charges apply. Australian Credit Licence 388053. Star Rating for a $750k owner occupier variable rate P+I loan at 80% LVR
Fees & charges apply. Australian Credit Licence 388053. Star Rating for a $750k owner occupier variable rate P+I loan at 80% LVR
promoted
Fees & charges apply. Australian Credit Licence 237391.
5.64%
Variable
5.76%
$5,766
Principal & Interest
Cashback
Owner occupied
20% min deposit
Redraw facility
Fees & charges apply. Australian Credit Licence 237391. Star Rating for a $750k owner occupier variable rate P+I loan at 80% LVR
Fees & charges apply. Australian Credit Licence 237391. Star Rating for a $750k owner occupier variable rate P+I loan at 80% LVR
promoted
Fees & charges apply. Australian Credit Licence 237502.
5.19%
3 year fixed
5.54%
$5,485
Principal & Interest
Owner occupied
30% min deposit
Fees & charges apply. Australian Credit Licence 237502. Star Rating for a $750k owner occupier 3 year fixed rate P+I loan at 80% LVR
Fees & charges apply. Australian Credit Licence 237502. Star Rating for a $750k owner occupier 3 year fixed rate P+I loan at 80% LVR
promoted
Fees & charges apply. Australian Credit Licence 237502.
5.19%
2 year fixed
5.58%
$5,485
Principal & Interest
Owner occupied
30% min deposit
Fees & charges apply. Australian Credit Licence 237502. Star Rating for a $750k owner occupier 2 year fixed rate P+I loan at 80% LVR
Fees & charges apply. Australian Credit Licence 237502. Star Rating for a $750k owner occupier 2 year fixed rate P+I loan at 80% LVR
promoted
Fees & charges apply. Australian Credit Licence 237502.
5.29%
2 year fixed
5.64%
$5,547
Principal & Interest
Owner occupied
20% min deposit
Fees & charges apply. Australian Credit Licence 237502. Star Rating for a $750k owner occupier 2 year fixed rate P+I loan at 80% LVR
Fees & charges apply. Australian Credit Licence 237502. Star Rating for a $750k owner occupier 2 year fixed rate P+I loan at 80% LVR
promoted
Fees & charges apply. Australian Credit Licence 240701.
5.63%
Variable
5.66%
$5,760
Principal & Interest
Owner occupied
40% min deposit
Redraw facility
Fees & charges apply. Australian Credit Licence 240701. Star Rating for a $750k owner occupier variable rate P+I loan at 80% LVR
Fees & charges apply. Australian Credit Licence 240701. Star Rating for a $750k owner occupier variable rate P+I loan at 80% LVR

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The initial results in the table above are sorted by Star Rating (High-Low) , then Comparison rate^ p.a. (Low-High) , then Provider Name (Alphabetical) . Additional filters may have been applied, which impact the results displayed in the table - filters can be applied or removed at any time.

promoted
Fees & charges apply. Australian Credit Licence 237391.
Interest rate p.a.
Comparison rate^ p.a.
Monthly repayment
5.54%
Variable
5.57%
$5,703
Principal & Interest
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Fees & charges apply. Australian Credit Licence 237391. See Terms & Conditions. ^ Comparison Rate Warning. Star Rating for a $500k owner occupier variable rate P+I loan at 80% LVR
Fees & charges apply. Australian Credit Licence 237391. See Terms & Conditions. ^ Comparison Rate Warning. Star Rating for a $500k owner occupier variable rate P+I loan at 80% LVR

Repayments on a $1 million home loan

With the current housing market in Australia, needing a million dollar home loan is no longer a rarity for both individual home buyers and investors.

The world economy and the Australian housing market are two volatile beasts that can be hard to predict, making it important to know whether a one million dollar home loan will put your finances under pressure.

The table above can lend you insight into the figures you may be working with when it comes to a million dollar home loan. Knowing your borrowing power and the details of your home loan is an important step to keeping your household finances on track. Below are some common questions regarding repayments and estimated values that may help you gain a better understanding of your financial situation.

Explore further→ What is the average new mortgage in Australia?

Taking on a home loan is a major financial decision. You may want to consider suitably qualified financial advice. Be sure to read all important documentation carefully, such as the Target Market Determination (TMD) and the Product Disclosure Statement (PDS), before signing any contracts. You can typically find these documents, as well as any other terms and conditions, on the lender’s website. Clarify any queries you may have with the potential lender.

Each lender will have its own assessment and eligibility criteria for loans, which may differ between borrowers.

Frequently Asked Questions about $1 million home loan repayments

The cost of the monthly repayments on a million dollar home loan will vary depending on the provider, your loan type (fixed rate, variable rate, split rate), repayment type (principal & interest or interest only), the length of your loan and the interest rate, as outlined in your home loan contract.

You can use the comparison table at the top of the site to see figures of monthly repayments based on the current interest rates for $1 million variable home loans from Canstar’s Online Partners for owner-occupiers making principal and interest repayments. You can use the filters and selectors to change the details of the results to match your individual circumstances.

One of the variables that you may need to know to use our comparison tables is your Loan to Value Ratio (LVR). The table below provides examples of LVR at varying house values. This table also includes an estimated lenders mortgage insurance (LMI), which is typically required for loans with a LVR greater than 80%, depending on the lender.

Loan-to-Value Ratio on $1 Million Home Loan

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Deposit House
Value
LVR Est. Upfront
LMI Premium
$400,000 $1,400,000 60% ^$8,293.18
$300,000 $1,300,000 70% ^$8,945.45
$200,000 $1,200,000 80% ^$12,206.82
$150,000 $1,150,000 85% $17,052.27
$100,000 $1,100,000 90% $37,645.45
$50,000 $1,050,000 95% ~Unable to be calculated
– talk to your lender

Source: The LMI estimated figures were generated using Genworth’s online LMI fee estimator, using the hypothetical example of an owner occupier taking out a up-to-30-year loan, who is not a first home buyer. ~Not all figures were able to be generated. There are options available to buyers looking to take out a 95% home loan, such as the First Home Guarantee scheme, which may impact LMI. ^Typically, lenders may not require borrowers with a LVR of 80% or lower to take out LMI, but this depends on the rules of the lender. 

One million dollars is a lot of money and knowing whether you’re able to pay off such a mortgage is essential to understanding your financial situation once you take on this debt.

During the home loan application process in Australia, lenders will need to know your debt to income ratio. This is calculated through using the details of your income, regular expenses and any other outstanding debts you may owe (e.g. credit cards, personal loans, etc). Your application may be declined if the debt to income ratio shows you owe more money than you can realistically afford to repay.

To help you get a better understanding of what the monthly repayments may be like for a million dollar mortgage, we have generated a table below of monthly repayments on a million dollar home loan over a 20, 25 and 30 year period across varying interest rates using Canstar’s Mortgage Calculator. (This does not include any fees which may be added to the loan, such as LMI.)

Repayments on a $1m loan at different interest rates and loan periods

← Mobile/tablet users, scroll sideways to view full table → 

Interest
Rate
Loan term
20
years
25
years
30
years
4% $6,060 $5,278 $4,774
5% $6,600 $5,846 $5,368
5.50% $6,879 $6,141 $5,678
6% $7,164 $6,443 $5,996
6.50% $7,456 $6,752 $6,321
7% $7,753 $7,068 $6,653
7.50% $8,056 $7,390 $6,992

Source: These figures were generated using Canstar’s Mortgage Calculator for a $1,000,000 Owner Occupier Principal & Interest home loan (excluding fees and charges).

It may be possible to refinance a $1m home loan, depending on your needs and if you meet other lenders’ approval criteria. The benefits of refinancing could include getting a better interest rate, which could lower the cost of the loan in the long run, or changing the conditions of your loan to better suit your needs. For example, you may decide to extend the length of your loan, which could cut your monthly repayments (but also extend the overall cost of the loan in the long run). Or, you may decide you need a loan with different features, such as an offset account, which could potentially cut down the monthly repayments and overall cost of your loan in the long term.

Explore Further→ Should I refinance my home loan?

However, there are also potential additional costs involved with refinancing a home that should always be considered. These costs could include break fees charged by your existing lender, and loan establishment fees charged by your new lender.

One potential cost could be lenders mortgage insurance (LMI), which can be surprisingly high and will typically apply to those borrowers who have less than 20% equity in their property, even if you have already paid for LMI with your current lender.

If you are looking to refinance an existing home loan and want to understand how your LVR and other factors might impact which loans you may be eligible for, Canstar’s eligibility checker tool can help you understand your options and connect you with a mortgage broker.

Home Loan Eligibility Checker

Negative equity is when the market value of your property is lower than the balance remaining on your home loan. If you are in negative equity, it could mean that if you go to sell your house, you may not receive enough funds in the sale to pay out your home loan. This could leave you in debt. Many situations and circumstances can put you at a higher risk of experiencing negative equity, one of them being a high loan to value ratio (LVR). A 95% LVR for example, means you will have a smaller ‘buffer’ against volatile market prices, especially if you are taking out a large sum as a home loan, such as one for $1 million.

So it’s a good idea to thoroughly research the property market and plan so that you have enough of a buffer to weather unexpected twists and turns in the market.

Explore further→ What is negative equity?

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About our finance experts

Nina Rinella, Editor-in-Chief

Nina Rinella
As Canstar’s Editor-in-Chief, Nina heads up a team of talented journalists committed to helping empower consumers to take greater control of their finances. Nina has written countless articles about finance and has been interviewed on finance topics by media organisations including The Australian, Realestate.com.au, Domain, the Herald Sun and the Sydney Morning Herald. Previously Nina founded her own agency where she provided content and communications support to clients around Australia for 8 years. She also spent four years as the PR Manager for American Express Australia, and has worked at a Brisbane communications agency where she supported dozens of clients, including Sunsuper and Suncorp. When she’s not dreaming up ways to put a fresh spin on finance, she’s taking her own advice by trying to pay her house off as quickly as possible and raising two money-savvy kids. Nina has a Bachelor of Journalism and a Bachelor of Arts with a double major in English Literature from the University of Queensland. She’s also an experienced presenter, and has hosted numerous events and YouTube series. You can follow her on LinkedIn and Canstar on Facebook. Meet the Canstar Editorial Team. Have a media enquiry, and interested in featuring Nina as a financial expert and commentator? Contact Canstar’s Media Team today.

Joshua Sale, GM, Research

Joshua Sale
Joshua Sale is responsible for developing the methodology and delivering Canstar’s flagship Star Ratings, as part of Canstar’s Research Team. With tertiary qualifications in economics and finance, he enjoys helping Australians find more suitable financial products by transforming complex calculations into a consumer-friendly Star Rating that explains the values and benefits of different financial products. As one of Canstar’s company spokespeople, Joshua is confident participating in print, radio and broadcast journalism interviews. He has participated in interviews with the Australian Financial Review, news.com.au and Money Magazine, along with other leading media outlets, discussing topics such as home loan equity, banking incentive schemes, digital wallets and wider finance trends. You can follow Joshua on LinkedIn. Have a media enquiry, and interested in featuring Joshua as a financial expert and commentator? Contact Canstar’s Media Team today.

Important information

For those that love the detail

This advice is general and has not taken into account your objectives, financial situation or needs. Consider whether this advice is right for you.

Canstar may earn a fee from its Online Partners for referrals from its website tables, and from sponsorship or promotion of certain products. Fees payable by product providers for referrals and sponsorship or promotion may vary between providers, website position, and revenue model. Sponsorship/promotion fees may be higher than referral fees. If a product is sponsored or promoted, it’s an ad and it is clearly marked as such. An ad might appear in different places on our website, such as in comparison tables and articles. Ads may be displayed in a fixed position in a table, regardless of the product's rating, price or other attributes. The location of an ad doesn’t indicate any ranking or rating by Canstar. Payment of fees for ads does not influence our Star Ratings. See How We Get Paid to find out more. Payment of fees for ads does not influence our Star Ratings or Awards.

Home loan Star Ratings are updated daily. During periods of significant market fluctuations, such as adjustments to the reserve bank's cash rate, star rating updates will be paused for variable home loans until the market has stabilised. However, advertised interest rates of products will continue to be updated as advised by lenders. The results don’t include every provider in the market and we may not compare all features relevant to you. Current rates and fees are displayed and may be different to what was rated. You can find a description of the initial sort order below the table. You can use the sort buttons at the top of each column to re-order the display. Learn more about our Home Loans Star Rating Methodology. The rating shown is only one factor to take into account when considering products. The table defaults to display only home loans available to somebody borrowing up to 80% of the property value, but you can use the filters to change this. Similar products might have different features and fees depending on the amount you borrow. Contact the lender for details.

The products and Star Ratings in the table might not match your exact inputs in the selector. Sometimes the methodology uses profiles with categories or bands (e.g. income, loan amount or monthly spend), but sometimes a single methodology, without any categories or bands, is applied.  The results will show the products that most closely match your selection, based on our profiles. If you are unsure about any terms used in the comparison table please refer to the glossary.

What is a Target Market Determination?

A Target Market Determination (‘TMD’) is a document that explains which people particular financial products may be suitable for (the target market) and sets out any conditions around how financial products can be distributed to consumers.

Why do product issuers provide Target Market Determinations?

From 5 October 2021, TMDs are compulsory for most financial products.

Issuers and distributors of financial products must take reasonable steps that are likely to result in financial products reaching consumers in the target market defined by the product issuer.

We recommend that you consider the TMD before making a purchase decision. Contact the product issuer directly for a copy of the TMD.

Any advice on this page is general and has not taken into account your objectives, financial situation or needs. Consider whether this general financial advice is right for your personal circumstances. Canstar provides information about credit products. We’re not suggesting or recommending a particular credit product for you. If you decide to apply for a loan, you will deal directly with the provider, not with Canstar. Consider the Target Market Determination (TMD) before making a purchase decision. Contact the product issuer directly for a copy of the TMD. It’s important you check rates and product information directly with the provider. For more information, read our Detailed Disclosure. ^Read the Comparison Rate Warning.

Canstar is not providing a recommendation for your individual circumstances. We cannot and do not recommend that any particular product is suitable for you. 

We provide links to our Online Partners. These are brands that may pay Canstar a fee for referring you. Our tables default to display only our Online Partners’ products initially, you can adjust the Online Partner Filter to see all of the products available for comparison on Canstar’s website. We provide these links so that you can click through to the product provider’s website to get more information. The provision of these links does not constitute a recommendation by Canstar.

Before you elect to terminate or modify existing lending arrangements, we recommend you consider (i) your personal circumstances, and (ii) any associated fees, exit costs and application costs that may be applicable as well as the impact these changes could have on you. We suggest you consider seeking independent advice from a qualified adviser.

“Interest-only loan” generally means a loan where you will only pay interest during the interest-only term. That means you won’t be making payments which reduce debt during the interest-only term.