A new survey has revealed that one in three Australians would consider a 40-year mortgage term to reduce payments. 

A comparison site, Finder, surveyed more than 1000 Australians and found that 30 percent would take on the mega mortgage if it reduced repayments to an affordable level.

9News Money Editor, Effie Zahos, told Gary Hardgrave on 4BC Drive, “Affordability is a big issue, isn’t it? People trying to get into a property can’t afford it.”

“So when you do the sums, if you took out a mortgage, typically it’s 25 years or 30 years, it’s moved slightly up.”

“If you’re going to use the whole 40 years, well, boy, you’re going to be paying that house over and over again,” Ms Zahos continued.

Hear more highlights from Gary Hardgrave below: 

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