Problems with interest rates and repayments? Ask for home loan help.
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Generally 30 years seems to be the longest term going around. There may be a small lender somewhere doing a longer loan term in Australia however the repayment saving is fairly diminished between say thirty and forty years, for example repayments on a $400,000 loan over 30 years is $3160 and 40 years is $3024 based on a variable rate of 8.77% and a $10 monthly fee.
The real question is what is driving the need for a longer term and that I usually the need to lower repayments and that can be achieved by loan structuring. Placing a portion or the entire loan on an interest only basis for a period can help lower repayments.
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