Problems with interest rates and repayments? Ask for home loan help.
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I don’t know of any, some lenders such as Police And Nurses Credit Society have forty year terms.
Note though that the benefit of a fifty year loan term is questionable.
For example a theoretical fifty year loan of $300,000 at 9.00%pa with a monthly fee of $10 would only save you $137 per month in comparison with a similar thirty year product. The total repayments on the fifty year loan would be about $499,000 more under this scenario!
If you are looking to keep your repayments low structuring all or part of the loan on an interest only basis may achieve a similar result.
If you are looking for a home loan with lower repayments, call us on 1300 787 665. Our mortgage brokers will be able to offer lower-cost alternatives than a 50 year loan.
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