VIDEO – The banks tighten up on ‘interest only’ loans

VIDEO – The banks tighten up on ‘interest only’ loans

Why is there such a difference between principal and interest loans and interest only loans?  As Andrew Mirams, our finance expert explains, in most countries about 30% of loans are interest only but it is much higher in Australia and as a result banks are trying to dis-incentivise borrowers from using interest only.  So what is the future?

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Andrew Mirams

Andrew’s expertise covers all aspects of lending, in particular he understands the special lending requirements faced by both self employed customers and property investors. It is a testament to Andrew and his team that a large amount of his business comes from repeat customers and their family and friends.Outside of work, Andrew enjoys playing golf, watching and coaching football and spending time with his family.

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