Home Loan with longest IO period

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From: Peter Jaques


Hi Everybody,

This is my first posting on this wonderful site. My apologies if this question has been dealt with previously - I've done my best to read previous topics.

Anyway, my question is:

What Home Loan provider provides the longest interest only period?

It seems to me that 5 years interest only is quite commonplace, but I would love it if I could pick up a 10 year interest free loan.

I'm 24 years old and have saved up $45 000 and am looking to wack 10% down on a house in Sydney and rent it out.

Thanks alot,

Pete.
 
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Reply: 1
From: Peter Jaques


err, I meant 10 year interest only loan not 10 year interest free.

Pete.
 
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Reply: 2
From: Duncan M


Hi Pete,

I wouldnt get hung up on finding the longest IO period, after one IO period
expires you can refinance to another IO product, most banks will let you do
it on the same product rather than lose your business.

Congrats on the saving, I guess you didnt make the usual mistake of
financing an expensive car.

Regards,

Duncan.
 
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Reply: 3
From: Rolf Latham


Hi Peter

You could look at a revolving line of credit which is by nature usually an interest only product with a 20 to 30 year loan term.

Some lenders will want a higher interest rate on this product than say a no frill standard term loan with a 5 year interest only period.

Ta

Rolf
 
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Reply: 4
From: Brian Haynes


RESI currently does a 10 interest only on their IP. Interest rate currently
5.6
 
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Reply: 4.1
From: Rolf Latham


Hi Brian

Tis a good rate for smallish loans.

on the sort of money were talking about here

Westpac will do 5.47 % var I/O over 30 years

CBA will do 5.57 var i/o over 20 years

ANZ will do 5.57 var i/o over 30 years.


"Subject to Lender terms and conditions"

Rolf
 
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