The 'No repayments for 10 years' Loan T/M no 1216691
What does “NO REPAYMENTS FOR 10 YEARS” actually mean?
PFG Mortgage Managers is the Mortgage Manager and Perpetual Trustee Victoria Ltd & Perpetual Trustees Company Ltd are the credit provider.
The credit provider has in its product suite, a Line of Credit facility that allows interest to be capitalised for up to 10 years [provided the balance remains less than the approved credit limit].
The loan converts to a Principal and Interest facility after 10 years. Customers may pay all of the interest when it falls due and payable from their own sources or alternatively pay part and/or capitalise the whole interest payment.
This product is more suited for Non-coded loans, where more than 51% of the funds are used for business and/or investment purposes.
Customers most suited to this product are those that have surplus equity in residential security property that would be offered as security for the advance.
PFG Mortgage Managers strongly recommends that borrowers seek independent legal, accounting and financial planning advice before entering into any loan contract
This product IS NOT a Reverse Mortgage and is not sold for that purpose.
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