Can I extend the term on my home loan?
Yes it may be possible to extend the term of your loan in some situations, subject to you still meeting our lending criteria. This request is commonly referred to as a restructure.
Extending the term of a loan can help to reduce the repayment amounts through times of reduced income, a career break, illness or hardship. This is done to help minimise the amount of principal being repaid by spreading the payments out over a longer period of time. However, while your principal repayment amounts will be reduced, you should be mindful that you will actually end up paying more in total interest costs on your loan by structuring it over a longer term.
Talk to one of our dedicated lending specialists about your options by calling 0800 100 600, or alternatively drop into any ASB branch.
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