Would you take on a 40-year mortgage? One in three Aussies would

New research suggests that one in three Australians would consider taking on a 40-year mortgage to reduce their monthly repayments, despite experts warning that this could lead to hundreds of thousands more in interest costs. While only four lenders in Australia offer 40-year loans, these options are primarily targeted towards first-home buyers. Although extending the loan term may lower monthly repayments, it could significantly increase the overall cost of the mortgage, with Finder’s head of consumer research advising against this financially risky move.

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