Interest Only Loan Australia Information
Why Interest Only?Interest Only as the name suggests requires the borrower to repay the interest only on borrowed funds and nothing off the principal. The interest rate can be variable or fixed and the term is usually relatively short, often only one to five years. At the end of the loan period you still owe the full amount you originally borrowed. You then need to take out a new loan or convert to a variable interest rate.
Interest Only loans are popular with property investors in particular for several reasons. When interest rates are rising property investors have a degree of insulation from excessive repayments that may otherwise trigger cash flow problems. Regardless of whether interest rates are rising or falling, the fact that interest only repayments are less than repayments on a principal and interest type loan, means that an investor retains more profits from rents or can afford to purchase a higher value property.
Interest Only home loans for average home buyers are not very common in Australia, but in some countries where property is very expensive they help to make owning property more affordable.
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Online Mortgage ConsultantYou can apply over the Internet and ask Financial Services Online for a free no-obligation quote on Interest Only finance.
Easy-Loans is an emerging online exchange that connects interested consumers to various Lenders and financial services companies in its network. Currently, there are over 80 participants in their continually expanding national network. Financial Services Online was developed to empower consumers with a choice in evaluating the right financial program for their needs. The Financial Services Online system takes the stress out of finding the right financial service institution.
The advantage for borrowers is that applications submitted through Financial Services Online can be submitted to more than one lender in order to access the largest possible range of lenders and loans. This is a unique service that benefits the borrower, especially those who may have been rejected by other lenders.
Most of the mortgage application process takes place on the Internet and over the phone. There is no cost to the borrower and most areas of Australia are serviced.
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