30 year plus loan

Viewing 3 posts - 1 through 3 (of 3 total)

Dannyboy
Participant
@dannyboy
Join Date: 2005
Post Count: 60
March 23, 2005 - 11:49 am
Hi all,
Just wondering if it’s possible to get a loan that extends for ‘more’ than 30 years?
Cheers
Dan[upsidedown]
Mobile Mortgage
Member
@mobile-mortgage
Join Date: 2003
Post Count: 913
March 23, 2005 - 4:34 pm
Hi Dan,
The maximum term of a loan is usually 25 or 30 years,
Iâ€™m not sure why you would want a longer term, but if your question relates to lowering your loan repayments via a longer loan term period, then you may want to look at finance with interest only repayments,
A lot of the lending institutions offering interest only products will allow you to make additional principle repayments at any time, cheers.
Regards
Steven
Mortgage Broker
Mobile Mortgage Market
Ph: 0402 483 216
[email protected]
http://www.mobilemortgagemarket.com.au
PLEASE note comments made should not be taken as specific taxation, financial, legal or investment advice.
Terryw
Participant
@terryw
Join Date: 2001
Post Count: 16,213
March 24, 2005 - 2:06 am
There are one or two lenders that do 40 years. One is GE Mortgages I think.
I agree with Steven. There would probably be no point in going for a longer term. It will be very unlikely that you will stay the full term with the same lender.
Terryw
Discover Home Loans
Mortgage Broker
North Sydney
[email protected]
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
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Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au