An interest-only loan is a loan with a set term where the borrower is required to repay only the interest on the principal balance.
Interest-only loans are popular with investors, as they generally offer lower repayments, while the property asset hopefully increases in value over the long term. Interest-only loans can also be beneficial for people who are renovating their own home or building property and seeking lower repayments whilst doing so.
Speak to a Bernie Lewis Home Loans Mortgage Broker to learn more about Interest only loans.
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