October 01, 2023

Luke on 2CC – Interest only repayments – When might you use it?

18 minutes

Financial Planner Luke Smith joined 2CC Talking Canberra 1206AM in Money Matters, which aired on Friday 29 September 2023. The show today looks at loan repayments. When you pay back a home loan you can make interest only repayments or principal and interest repayments. The topic this week for the show is: Interest only repayments – are they good or bad? When might you do it?

Key topics covered include:

What is an interest only repayment on a loan?

When might you use interest only repayments?

How long can you hold an interest only loan?

Can you change lenders and get a new interest only loan period?

What are some reasons why you might use an interest only loan repayment?

Can it be fixed rate or a variable rate?

Remember interest payments on investment loans (such as a property) are tax deductible.

Finally, Luke shares his top tips around making interest only repayments.

Remember seek advice if you need help. You don’t have to go it alone, it’s complicated sometimes making strategies work together.

https://www.envisionfinancial.com.au/wp-content/uploads/2023/10/The-Strategy-Stacker-Luke-Talks-Money-29092023.mp3

Also available on Apple Podcasts and Spotify – ‘The Strategy Stacker – Luke Talks Money’

Is your financial plan working for your current situation and future retirement?

Interest only repayments can be useful in some situations and can be used with an offset account too. If you need advice to get your financial life working better to achieve your goals, then seek it. You don’t need to go it alone.

Luke as a Financial Planner can help you set up a financial planning strategy to help you achieve your personal financial goals, including investment, super and retirement with consideration of your cashflow and debt. Make an appointment to confidentially discuss your goals. Call Envision Financial Services on 6260 4749. You can use the contact us form to make an appointment, for a confidential discussion about your situation.

Luke will return to 2CC to talk about other ‘Money Matters’ next week. You can also catch up with ‘The Strategy Stacker – Luke Talks Money’ podcast at a time that suits you.

We look forward to your company again and Luke’s book Smart Money Strategy is out now.

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By Luke Smith