Should I make monthly or fortnightly repayments?

When choosing between monthly or fortnightly payments you need to understand the difference to determine what will work best for your situation.

Here’s some things to consider:

Monthly repayments are required to be paid once a month, 12 times a year, and the day of the week may alter dependant upon the amount of days in the month.

Fortnightly payments will generally have greater consistency and frequency, required to be paid every 14 days and will generally occur on the same day of the week, every two weeks. Smaller repayments, made more often, may be easier to manage.

When it comes to deciding, your individual circumstances will determine your repayment choice. You might, for example, want to align your repayments with your salary, budget or direct debiting cycles.

If you'd like to know more, you can message a Coach.