One of Australia's largest customer-owned banks launches 40-year mortgageGreat Southern Bank has launched mortgages spanning a decade more than the industry average in a bid to help struggling first home owners enter the market. "For some Australians having lower monthly repayments is the difference between renting and buying their first home," Great Southern Bank chief customer officer Rolf Stromsoe said. It's also the largest lender outwardly offering 40-year mortgages, joining Pepper Money, while the likes of RACQ Bank and Unity Bank advertise such terms for first home buyers. Both Mr Daoud and Great Southern Bank note that a borrower signing up for a 40-year home loan today doesn't need to hold that loan over the longer-term. For first home buyers not willing to take on a 40-year mortgage, rate cuts and policy changes, including imminent changes to the Home Guarantee Scheme, may offer another glimmer of hope.