I have three unsecured loans with BMC Mortgage, all with a variable rate. I can just barely meet the interest only payments every month. If I had a well-paying full time job I'm sure I'd be able to handle the repayments better. I've been paying the interest only for 3 years. I'm grateful that they gave me the loans in the first place, and wish I could repay more than just the interest monthly. They're making a lot of money from me!
WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. The comparison rate displayed is for a secured loan with monthly principal and interest repayments for $150,000 over 25 years.
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