Reply: 1
From: Michael G
On 3/8/01 12:57:00 AM, Bindi Cash wrote:
>Interest only loans. How easy
>are they to get from banks
>over long periods of time. ie.
>20 to 25 years.
As far as I know, the "banks" are the only ones offering long term loans. Usually 10 years max. ANZ did have a 15yr IO fixed loan, but I don't think that exists anymore.
There was rumor that Bank of NZ was considering 20 or something fixed interest backed by an American source, but I have been unable to confirm it.
Its a good question, since we know they exist in the States (via books, etc) but it would be interesting to learn if they exist here in some form or another.
Even the possibility of using an overseas lender has the problem of currency changes, which would make the loan variable anyway but with greater differences in percentage rates.
That's my ramblings anyway.
Michael