I have P & I at the moment and have had since...

I have P & I at the moment and have had since inception....however as rates keep going down in a spiral...I intend to lock in a fixed interest only loan at about 3% or better.....
and the reason I say this is because my loans are quite low or around 50-60 LVR and below 200,000 or less... I will use the cash to finance another investment...probably property....and because I intend to sell the properties down the track when prices are high again....I have no rush to pay off the pricipal.....my profits will cover that area
It all depends on your plans and goals for the future and your circumstances.....and the risk factors

so if you are talking about your pricipal residence and the interest is not tax deductible then I would go P & I to reduce the interest...or if the loan is quite high...then the best time to pay off more of the loan is as interest rates go down....
with the commercial props I started off with interest only, with a similar view /goals in place...ie that I would strata/split them in two and sell off the smaller one later which would cancel out the loan.....been delays in achieving that goal, but its all falling into place now...and its worth double my original estimate

because I am a baby boomer, then I am heading towards the 'old codger' stage of life...within the next 20 years or so....so my circumstances and reasons will be very different to yours if you are much younger

btw where is everyone these days....???