40 Year Home Loan Lenders Australia

Pepper home loans offers customers products that include up to 40 year loan durations but the lender s director of sales mario rehayem says taking up these longer loans should only be done after careful consideration.

40 year home loan lenders australia. For first home buyers this average loan size drops to. Types of 40 year home loans. Home loans spanning 40 years are offered by select lenders though the loan period is much longer than a standard 30 year home loan. In australia there are three main loan types that are available for 40 year home loans.

You re more likely to find a maximum of 35 years such as is the case with teacher s mutual bank. Currently 40 year home loan lenders in australia include alphabeta money bcu g c mutual bank pepper and sydney mutual bank. Tm bank which offers a 40 year loan to first home buyers says it expects most customers will end up paying the mortgage off faster that s right a handful of lenders will let some borrowers take up to 40 years to pay off their mortgage. How to compare 40 year mortgages you should always take time to compare mortgage.

The lenders offering 40 year mortgages includes pepper home loans teachers mutual bank home loans hunter united credit union bcu police credit and bananacoast community credit union. The total value of owner occupier home loans written australia in july 2019 was 14 1 billion with the average loan size being 408 987. In australia fixed rate loans aren t usually offered for 40 years but rather for terms of between 1 10 years. As you can see from the mock example above you might pay 228 49 less per month on a 40 year home loan but you are paying 133 533 80 more interest over the life of the loan compared to a 30 year loan.