24 Apr 2022
How Can I Make My Repayments to My Mortgage House Home Loan?
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In Australia, the average mortgage term is 30 years. However, some lenders offer 40-year mortgages. They operate just like a traditional loan, but you have longer to pay off your loan. The biggest benefit for borrowers is that they have lower monthly repayments than they would with a 30-year term. However, due to the extended loan term, you end up paying more interest overall.Â
Before applying for a 40-year mortgage, you should consider the following benefits:
You should also consider the following drawbacks before applying for a 40-year mortgage:
At Mortgage House, we offer a variety of 40-year mortgages, including package loans, variable rate loans, and low doc loans. Contact us today to find out more.