Why would i pay interest only on a home loan?

As opposed to paying principle and interest? I know what the difference is, i was just wondering what the benefits of paying interest only are and vice versa. I’m in Australia, if that makes any difference. My partner and i are looking into purchasing our first home when i got back to work after finishing maternity leave. What is the maximum loan term for home loans in Australia? There was talk of ‘lifetime’ loans becoming available, but i haven’t seen any yet.
I am a real estate agent in NSW. The maximum term is 30 years. The benifit of interest only loans come into play with investment properties, You only pay the interest so the payments are smaller and statistically, real estate prices double every 8-10 years so after 10yrs you sell the home- repay the interest to the bank and you have made a profit without affecting yout hip pocket to much (E.g interest only loan $300 a week but tenant pays $250 a week you are only out off pocket $50. For a house for yourself it is suggested you get principal and interest loan and pay weekly rather than monthly- you should try to pay your own home off as fast as possible. This can also act as a forced savings plan. E.g. if you need to upgrade your home and you have paid $50,000 off the principal and the home sells for $20,000 more than you bought it for you have an extra $70,000 to spend on your new home. Hope this helps- feel free to message me if you have any other questions.

What was your credit score when you received a home loan?
I have a credit score of 618. Is this enough for me to apply for a home loan?

Mine was 680 and I got approved with no problems. You will probably get a loan, though it won’t necessarily be as good of an interest rate if you had had like 800 plus instead.