Pro: You could possibly discuss a better rate that have a special bank, even in the event this means refinancing the loan more than a longer period.

Con: Your repayments will increase as you will be repaying dominating including appeal. You’ll probably want to do much more documentation and you can spend regulators charge to discharge and register the borrowed funds.

Karl’s loan places Hoover tale

Investment property manager Karl was on an interest-merely loan for five years that have Commonwealth Bank from Australian continent, while making focus-simply money of around $step 1,780 thirty days. Continue reading →