15 years interest only period?!

Learn more about investing in Australian real estate & share your ideas with other investors.
Post Reply
629cricket
Posts: 7
Joined: Mon Feb 29, 2016 7:23 am

15 years interest only period?!

Post by 629cricket »

On my first investment loan, I made interest only payments for 5 years and it was a great way to manage my cash flow. It helped me out a lot and I would have extended it again if I could but the bank didn't allow me to. I'm planning on taking out another investment loan and pay interest only, and I've heard that 15 years interest only periods are available?! This really true?

User avatar
Otto Dargan
Mortgage Specialist
Posts: 7729
Joined: Sat Sep 06, 2008 5:55 pm
Location: Sydney, Australia
Contact:

Re: 15 years interest only period?!

Post by Otto Dargan »

Hi 629cricket,

Yes, it really is true that there are some lenders that can allow you to extend your interest only period to even up to 15 years, although most banks would only allow you to pay interest only for 5 years (like you experienced) on interest only loans.

By applying with the right lender, you can:
  • Fix an interest only period on your mortgage for up to 15 years.
  • Switch back to making principal and interest repayments at any time.
  • Make extra repayments with no limitations.
  • Great professional package discounts are available.
If you want to learn more about long term interest only period then you can check out our website or speak with one of our interest only mortgage specialists by calling 1300 889 743 or completing our free online assessment form.

Cheers,
Otto
Otto Dargan
Mortgage Broker
P | 1300 889 743
Home Loan Experts

629cricket
Posts: 7
Joined: Mon Feb 29, 2016 7:23 am

Re: 15 years interest only period?!

Post by 629cricket »

Thanks a lot! That's great news. I will surely call you up to schedule a F2F meeting.

Post Reply