Interest Only Loans
How the interest only home loans work
The interest only home loan repayments covers the interest on the amount borrowed, no principal payments for the set term period
This gives a lower loan repayment option for a set time frame
Advantages of an interest only loan
- Lower repayments during the interest only period
- With reduced repayments, you have surplus funds available for future investments
- Maybe useful for short term loans like construction and bridging finance
- Investors claim interest tax deductions for investment properties (get qualified advice)
Disadvantages of an interest only loan
- The interest rate is generally higher than a principal and interest loan
- You pay nothing off the principal during the interest only period
- At the end of the interest only period, the loan term would have reduced but the debt will be the same
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