According to an analysis by Canstar, an additional decade of repayments on a $600,000 mortgage could reduce a borrower's initial monthly repayments by around $288 but result in nearly $275,000 in extra interest over the life of the loan."It improves someone's chances of getting the green light on a loan that they might not have otherwise been able to afford," Tindall told SBS News."But really, if you are someone that is struggling to pay off a debt over 30 years, it's worth stopping and thinking, well, is the size of the amount I want to borrow too high for my financial situation?"Last year, when Great Southern Bank introduced a new 40-year loan, its chief customer officer, Rolf Stromsoe, suggested the product could be a stepping stone for first-home buyers, allowing them to enter the market before ultimately refinancing."As their needs evolve and their earnings capacity changes, they may refinance any number of times — but this is the loan that can start it all," he said In the UK, mortgages stretching beyond 30 years have become increasingly common, while 50-year loans are gaining popularity among younger buyers in Japan.In the US, President Donald Trump floated the prospect of a 50-year mortgage last year.Sarah Megginson, personal finance expert at Finder, said she expects more lenders may start offering 40-year loans in Australia as housing becomes increasingly out of reach for many buyers."I think that we will see more banks respond to customer demands by looking at different ways they can evolve their products and get more lending happening," she told SBS News