Mortgage-Mart can offer a wide range of competitive interest only home loan products.
Interest only home loans are mostly utilised by investors who are not concerned about paying their loan off quickly. When making interest only payments, the initial home loan balance stays the same as there is no reduction of the principal. The home loan reverts to principal and interest at the end of the fixed term.
Generally interest only loans are not suitable for owner occupier home buyers as making interest only payment does not assist in building equity in the home. However, owner occupiers may choose to utilise the interest only option in times when they may be experiencing financial difficulty, to help them get through a short term problem.
Interest only home loan terms are usually only for 1-5 years, but Mortgage-Mart has access to products that allow the borrower to obtain an interest only loan for up to 10 years.
If you need more information on these types of home loan products and how they suit your individual home loan needs, enquire online or call 1300 720 623 to speak with an experienced Mortgage-Mart consultant.
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