HLG051 The hidden cost of extending your mortgage back to 30 years (663 words)

Lower mortgage repayments can be tempting, but resetting your home loan back to 30 years could cost you far more in the long run. Discover the

hidden disadvantages of extending your mortgage, from extra interest and slower equity growth to the risk of carrying debt into retirement.
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The federal government has tried (via 2009 legislation and later instructions to banks from APRA, the Australian Prudential Regulation Authority) to ensure that mortgage borrowers will be able to service their loan and cope with any future interest rate rises. Despite this, many Australian homeowners are struggling financially as a result of inflation’s impact on the cost of living, geopolitical influences on fuel costs, and the Reserve Bank’s interest rate increases.