[DebbieParticipant@debbiew74Join Date: 2017Post Count: 3]

October 27, 2017 - 4:06 pm

Jaxon,

Thanks for the response.

I am currently with Suncorp and my current rate for an Investment IO loan is 4.36% (with 100% offset) and they said they would keep me on the same rate if I was going to change to their Investment P&I loan, otherwise it is going to revert to 4.74% from 1 November.

Sorry for confusing you, I make sure I keep in the bank what I would be paying if it was P&I (have a spreadsheet) so I know how much in my offset is my mortgage and what is money I have saved on top of this – if that makes sense. So me changing to P&I will not affect my living etc.

Unless I can get a far better investment P&I loan rate with other banks (which my broker said not really), then it probably makes sense to stay with Suncorp and change it over to P&I.

Thanks

Debbie.

• This reply was modified 6 years, 6 months ago by  Debbie.

[DebbieParticipant@debbiew74Join Date: 2017Post Count: 3]

October 27, 2017 - 12:11 pm

Hi,

Thanks for your response.

I have been working with my broker and I mentioned, my P&I rate is the 2nd lowest in the market (only 0.04% difference) so I am not really interested in changing for that amount.

I definitely won’t be buying in the future, 2 properties is enough for me.

The question I was more asking about was would there be any advantage of paying 0.40% higher on the IO rate and put the rest in my offset, or should I just change over to P&I.

Thanks.