Fixed rate PPOR - moving out and making it an IP

Discussion in 'Loans & Mortgage Brokers' started by Bris Jay, 5th Nov, 2018.

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  1. Bris Jay

    Bris Jay Well-Known Member

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    I'm just wondering if banks ever chase people up to pay the IP rate if they move out of a PPOR? I'm considering fixing my PPOR but might not live here for the full term. Do banks ever chase this up to charge the higher amount?
     
    Bris Jay, 5th Nov, 2018
    #1
  2. Rolf Latham

    Rolf Latham Inciteful (sic) Staff Member Business Plus Member

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    case by case

    but typically, NO right now

    ta

    rolf
     
    Rolf Latham, 5th Nov, 2018
    #2
  3. GetRIDof5CENTpiece

    GetRIDof5CENTpiece Well-Known Member

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    Nope - I got off for 8 years on PPOR rates on IP property.

    Apparently they are stricter post RC.
     
    GetRIDof5CENTpiece, 5th Nov, 2018
    #3
    Terry_w likes this.
  4. jazzsidana

    jazzsidana Well-Known Member

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    Generally speaking banks won't go back in time to chase but when application is reassessed for whatever reasons (equity release, refinance bla bla) that's when application will be updated and IP rates applied ..

     
    jazzsidana, 6th Nov, 2018
    #4
  5. Rolf Latham

    Rolf Latham Inciteful (sic) Staff Member Business Plus Member

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    with the RCIB working toward good client outcomes, I dont think paying higher rates is on their working list of outcomes ?

    ta
    rolf
     
    Rolf Latham, 6th Nov, 2018
    #5
  6. Mcube

    Mcube Well-Known Member

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    Hello, is it possible to switch the IP loan to owner occupier interest rate once the current owner occupier loan has been paid off even though they are in different states? Thanks!
     
    Mcube, 6th Nov, 2018
    #6
  7. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Member

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    If you can prove you are living in it then yes.
     
    Terry_w, 6th Nov, 2018
    #7
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