Industry Watchdog ASIC Concerns Over Interest Only Loans
A recent review by ASIC found that lenders providing interest-only (IO) mortgages need to lift their standards to meet important consumer protection laws. ASIC found that demand for IO loans had grown by 80% since 2012. Click here to read the full report and findings by ASIC. The purpose of my blog today is to set the record straight in layman terms and to discuss the pros and cons of IO loans. What is an Interest Only loan? As the name suggests, and IO home loan requires y