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Interest-only loans are where you merely pay back the interest of a loan to the lender. So if you borrowed $500,000 and made repayments for five years, your balance would still be $500,000. They are designed predominantly for investors for cash flow and tax deductibility purposes.

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The Reserve Bank of Australia has announced that it will cut interest rates.  This sets a new record low rate of 1.75% – the first change since May last year.

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