Forums / Property Investing / Help Needed! / Home Loan or Investment Loan

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  • Profile photo of CalMcCarthyCalMcCarthy
    Participant
    @calmccarthy
    Join Date: 2019
    Post Count: 2

    Hi there,
    My partner and I are moving into a new property we purchased in Jan next year. I’m turning my current property into an investment. Do I have to notify the bank of our change, or can I keep the same owner-occupier loan I’m currently on? Are there any penalties if no change is made? Thanks, Calum

    Profile photo of TerrywTerryw
    Participant
    @terryw
    Join Date: 2001
    Post Count: 16,190

    Have a read of your loan agreement and see if you have contracted to inform them.
    Even if you have the penalty for breaching this would likely amount to nothing.

    Terryw | Structuring Lawyers / Loan Structuring Pty Ltd
    http://propertytaxbook.com.au/
    Email Me

    Lawyer, Mortgage Broker and Tax Advisor (Aust wide) http://propertytaxbook.com.au/

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