Sorry for the simple question but I couldn’t find an answer to this and would call the bank but it’s the weekend. My P&I loan fixed term is coming to an end. Can I change the loan to an interest only with the same bank without going through a whole refinance application? ie is this just a phone call matter ? Thanks
Nope, full refinance is needed. There's no way around this. I think in the old days you could but these days it's a full reassessment with every bank as far as I'm aware.
Yup if you're in this game it pays to invest in a scanner. Cause you'll be doing a lot of that $99, tax deductible.
Would be better if these banks enabled a digital signature instead? Feel like i just saved a million trees
Most lenders wont do an IO extension without a full app, cba will do a soft servicing calc over the phone and are often painless The benefits of a refi vs just a new IO period are usually worth the while Obviously a new say 5 year IO period, but also a 25 year PI roll over vs 20 Access to new business rates which can be MUCH lower than what one is paying now Opportunity to pull equity, or get even lower rates due to now lower LVR ta rolf
