PHOTO: Home loans

If you’ve taken out a mortgage recently, paying it off may seem like an impossible task.
Imagine, then, adding an extra ten or 15 years to your loan term. That’s what some lenders are offering, though – 40-year home loans.
“Some lenders are targeting first home buyers for those 40 year mortgages and that’s not surprising because young buyers have time on their side,” says Sally Tindall from leading comparison site RateCity.
Right now, RateCity has identified six lenders who offer the longer terms. SCU, Teachers Mutual Bank and UniBank offer them specifically to first home buyers.