Fortnightly repayments
Paying half your monthly repayment every fortnight means 26 payments a year — the same as 13 monthly payments — which can cut several years off a 30-year loan.
LMI
With a deposit under 20%, lenders usually charge lenders mortgage insurance unless you qualify for the First Home Guarantee (5% deposit, no LMI).
FAQ
What are repayments on an $640,000 loan?
At 5.75% over 30 years, about $3,735 a month.
Do fortnightly repayments save money?
Yes, if you pay half the monthly amount every fortnight: you make one extra monthly payment each year.
What deposit do I need?
20% avoids LMI; 5% is possible with the First Home Guarantee.