All Topics / Finance / Problem about Switching ip to interest only assessment

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  • freedg420
    Participant
    @freedg420
    Join Date: 2021
    Post Count: 0

    Hello all,

    this is a pretty straight forward question for the experienced people on here…

    After researching, I intend to change my investment property loan from repayment to interest only, I am just wondering can anybody advise on the criteria for which this is approved or denied?

    I would like to think this is a relatively straightforward ask but I know that it’s based on loan review or assessment. I would like to get this information straight before I apply, I have a ppr and an investment property both on repayment, I plan to re mortgage the ppr soon after I complete my renovations. Also self employed.

    thanks in advance, แทงบอลพรีเมียร์ลีก

    • This topic was modified 3 weeks, 5 days ago by  freedg420.
    • This topic was modified 3 weeks, 5 days ago by  freedg420.
    Profile photo of TerrywTerryw
    Participant
    @terryw
    Join Date: 2001
    Post Count: 16,213

    Generally a full application again as servicing is more stringent.

    Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
    https://terryw.com.au/
    Email Me

    Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://Terryw.com.au/

    Profile photo of Colin RiceColin Rice
    Participant
    @fms
    Join Date: 2011
    Post Count: 338

    Pre royal commission this was a relatively easy fix, now, as @terryw has already stated it will require a full application to assess serviceability under the new repayment schedule. Being self-employed, depending on your scenario can also complicate matters.

    • This reply was modified 3 weeks, 3 days ago by Profile photo of Colin Rice Colin Rice.

    Colin Rice | CDR Finance
    http://cdrfinance.com.au/
    Email Me | Phone Me

    Perth Based Mortgage Broker - Investment Property Finance Specialist | E: [email protected]

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