What's there to worry about? These 40-year mortgages are only for people who can't afford shorter term loans;
“It’s only available on our first homeowners’ loan product and comes with features including that they can borrow up to 98 per cent.
“About one third of all our first home buyers take up these loans.”
So first home buyers who don't have enough deposit and don't have enough income for a standard term loan are the people taking up these loans. Does the word subprime spring to mind?
40 year mortgages now. 50 year coming..., page-7
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