What Is a Home Loan Repayment?
Learn about what a home loan repayment is and what factors impact how much your repayment amount is.
A home loan repayment is a pre-agreed amount of money you need to repay on your home loan each month in regular mortgage payments. It takes into consideration:
- How much you borrowed to purchase the property – which is called the principal
- The interest rate charged by the lender for letting you borrow the money
- The length of time you’ve agreed to pay the money back by
The amount of your home loan repayment will depend on a few factors, including the:
- Size of the loan
- Interest rate
- Length of the loan term
And if you have a variable rate loan, your repayments could change from time to time.
Learn how interest rate changes affects your repayments.
This article is intended to provide general information only. It does not have regard to the financial situation or needs of any reader and must not be relied upon as financial product advice. Please consider seeking financial advice before making any decision based on this information.
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