Slice Finance’s Post

🤔 Should you go interest-only on your home loan? 🤔⁣ ⁣ Up to 1-in-5 home owners are switching to interest-only payments, according to Finder.⁣ ⁣ Going interest-only can lower your monthly repayments for a set period of time. ⁣ ⁣ But the short term gain can come with long term pain, including: ⁣ ⁣ 😐 the principal amount won't reduce during the interest-only period⁣ 😬 you'll likely face higher repayments once the interest-only period finishes⁣ 🙃 you'll probably have to pay a higher interest rate during the interest-only period⁣ 🤔 you'll possibly pay more interest over the life of the loan.⁣ ⁣ Still, if things are really tight right now, it can get you out of a pinch.⁣ ⁣ If you’ve been thinking of going interest-only, talk to us to explore all your options to help manage your mortgage. 👇⁣ ⁣ To find out more, DM us or contact Slice Finance on: ☎️ – 0417 406 960 💻 – shea@slicefinance.au #slicefinanceau #brokersworkforyou #investment #property #mortgagebroker #mortgage #homeloan #refinance #investors #firsthomebuyers #hobart #melbournerealestate #hobartproperty #tasmania #tasmaniaproperty #tasmaniarealestate #tasmaniabroker #tas

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