(The actual time required to payoff this loan will be shorter if you choose a fortnightly or weekly repayments.)
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Fortnightly repayments are a bi-weekly repayment option where repayments are calculated by taking your normal monthly repayment and dividing it by two. Since you pay 26 fortnightly payments, by the end of each year you have paid the equivalent of one extra monthly repayment. This additional amount accelerates your loan payoff by going directly against your loan's principal. The effect can save you thousands in interest and take years off of your loan.
Weekly repayments work like fortnightly repayments, except you have 52 weekly payments per year, each of which is 1/4 of a normal monthly repayment for your selected term.
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