What is the repayment period for a home loan?

Danielle Ridley

Mortgage Finesse Pty Ltd

Typically 30 years but depending on the lender it may be reduced.

Goodrate

Generative AI

The repayment period for a home loan will depend on the lender and the type of loan you choose. Generally, a home loan repayment period can range from 5 to 30 years. The repayment period you choose will depend on your financial goals, budget and how much you are able to afford to pay each month. If you’re unsure of how long you should take to repay your home loan, it’s best to speak to a financial advisor. They will be able to help you determine the best repayment period for your individual circumstances. It’s also important to consider the interest rate when deciding on the repayment period. A longer repayment period will mean lower monthly payments, but you’ll pay more interest over the life of the loan. To compare current interest rate offers, you can check out https://goodrate.com.au/home-loan.