Depending on your circumstances there are a few potential options. Switching your loan to interest only can reduce your minimum repayment obligations. You can continue to make additional repayments which will help pay down the loan principle. Some borrowers may look to re-amortize their loan, that is reset the loan term to 30 years. Similar to the Interest only option this means that the minimum repayment amount is reduced.
Other options such as fixing your loan can provide you with repayment security and help with managing household budgets. Some lenders also offer ?repayment holidays? which allow you to skip repayments or have them taken from your available redraw and have them capitalized back into the loan. There will be limitations to repayment holidays and importantly you?ll still need to make back those repayments in the future.