Who uses an Interest Only Home Loan?
Normally interest only home loans are used by investors although can be used for other purposes. We think if you are going through major life changes it is worth considering switching to interest only.
Building a Home
When building a home you will probably have to pay rent at the same time. In addition when you move in you may find you need to purchase new household items, I suggest using interest only for 12 months past construction so that you can get past the expenses of your new home and adjust your lifestyle to manage your funds.
Major Life changes
The birth of a baby when you may lose or reduce your household’s income stream and increase your expenses. It is important at this time to consider if you can afford to pay your debts once your
It is important to speak with your bank or broker to make certain you will be able to move back into Principle and Interest at a later date. If you can not afford Principle and Interest at a later time you should consider downgrading.,
Please add any comments
Building a Home
When building a home you will probably have to pay rent at the same time. In addition when you move in you may find you need to purchase new household items, I suggest using interest only for 12 months past construction so that you can get past the expenses of your new home and adjust your lifestyle to manage your funds.
Major Life changes
The birth of a baby when you may lose or reduce your household’s income stream and increase your expenses. It is important at this time to consider if you can afford to pay your debts once your
It is important to speak with your bank or broker to make certain you will be able to move back into Principle and Interest at a later date. If you can not afford Principle and Interest at a later time you should consider downgrading.,
Please add any comments
