Problem about Switching ip to interest only assessment

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freedg420
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@freedg420
Join Date: 2021
Post Count: 0
May 25, 2021 - 12:23 pm
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 2 years, 11 months ago by freedg420.
- This topic was modified 2 years, 11 months ago by freedg420.
Terryw
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@terryw
Join Date: 2001
Post Count: 16,213
May 25, 2021 - 8:57 pm
Generally a full application again as servicing is more stringent.
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
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Colin Rice
Participant
@fms
Join Date: 2011
Post Count: 338
May 27, 2021 - 4:10 pm
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 2 years, 11 months ago by Colin Rice.
Colin Rice | CDR Finance
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Perth Based Mortgage Broker - Investment Property Finance Specialist | E: [email protected]