You may be considering an interest-only home loan because of lower initial repayments. Check the pros and cons before going ahead. Make sure you can afford higher repayments at the end of the interest-only period. If you already have a mortgage and are struggling with your repayments, see problems paying your mortgage for help. On an interest-only home loan (mortgage), your repayments only cover interest on the amount borrowed (the principal). For a set period (for example, five years), you pay nothing off the amount borrowed, so it doesn't red ...
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This calculator helps you work out: How much will my mortgage repayments be? · How much can I borrow? · How can I repay my home loan sooner?
Smart ways to get ahead: ; Compare loan options from at least two lenders. Focus on your 'must haves' to find one that best meets your needs. ; Look for the lowest interest rate. A home loan is a long-term debt, so even a small difference in interest adds up over time. ; Factor in all the costs involved in buying a house, such as building inspection, legal fees, stamp duty and insurance. ; Be realistic with the amount you borrow. Interest rates or your circumstances could change, so give yourself some breathing room.
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Questions to ask a mortgage broker to make sure you're getting the best home loan for you.
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