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Some interest only home loans expire in January adding $400 to repayments
Graham Cooke said people chose the interest only because it was appealing
He said it took some pressure off the repayment of the house mortgage

By Sahar Mourad For Daily Mail Australia

Published: 04:43 EDT, 23 October 2018 | Updated: 07:16 EDT, 23 October 2018

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Australian homeowners have been warned of a 'ticking time bomb' that could leave them struggling to pay their mortgages.

Analysis by a comparison website found 42 per cent people who took out home loans in 2014-15 set up interest-only repayments.

However, many of these attractive deals expire in January and homeowners that took out the loans will be hit by an average of $400 a month more that what they are already paying.

Australian homeowners have been warned by experts that their home loans could leave them on struggle street

More than 900,000 of the new home loans will expire from January, which will then change the interest only repayments to principal and interest payments

This is because their repayments will switch from interest-only to also having to pay down the principal.

According to finder.com.au, more than 900,000 Australian home owners will be hit with extra charges from the beginning of next year, placing a huge amount of pressure on already stretched households.

Insights manager at finder.com.au Graham Cooke said: 'For those who wanted to slightly reduce mortgage repayments to take a bit of pressure off, it was an appealing product for borrowers.

'There are a certain proportion of people who made the decision for that reason. Some families will definitely be struggling when the loans revert.'

An average of $400 will be added to monthly repayments of people's mortgages, insights manager at finder.com.au Graham Cooke said families 'will definitely be struggling when the loans revert'

In 2014, the Australian Prudential Regulation Authority (APRA) announced plans to reinforce sound residential mortgage lending practices, particularly a crack down on interest-only home loans that banks issue.

'Lending growth has moderated, standards have been lifted and oversight has improved, however the environment remains one of heightened risk and there are still some practices that need to be further strengthened,' APRA chairman Wayne Byres said.