This is the amount of time you’d like to borrow the money over. As a general rule of thumb, the longer your mortgage term, the smaller your monthly payments will be, but you’ll end up paying more in interest overall.
On the other hand, the shorter your term, the higher your monthly payments will be, but you’ll pay less in interest overall.
Have a play with the tool to find the right balance between affordability each month and long-term financial sense.
Want to borrow over part years - for example, 15 years and 6 months? Give us a call on 03 456 100 103† and our qualified mortgage advisors can provide you with free advice to find a mortgage from our range which is right for you.