No, the loan term was 25 years. The bank manager was none too pleased when I paid off the loan in 18 months. It helped I was working in the remote area, so could rent it out.
I bought the house in 1970 for $14,000. 4 bedrooms plus a bungalow.
In hindsight, I should have stayed and pyramided my property purchases. An Indian guy I worked with did that, and finished up owning a dozen houses in Perth.
From 1972, I have bought 5 houses, 2 townhouses. and 2 apartments. I paid cash for every one.
I feel sorry for young people today, their path to home ownership is so much harder.
A WSJ analysis of government data found that many claims of savings were overstated and ‘woke’ cuts were only a tiny fraction of the total
https://archive.ph/Oi1c5
From the Marxist leninists at Rupert Murdoch's Wall Street journal.
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