If you get mortgage relief for 6 months

Discussion in 'Loans & Mortgage Brokers' started by Brisbane04, 8th Apr, 2020.

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  1. Brisbane04

    Brisbane04 Well-Known Member

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    Location:
    Victoria
    Just a quick question if you qualify for a mortgage repayment break for 6 months will that time be counted towards your fixed interest term. I have 4 investment home loans, one house is becoming vacant in 10 days with little to no interest from potential tenants, another property the tenants have just asked for a $100 week decrease in rent. All 4 properties are on fixed IO loan of 4.09% due to come off in December. If I get mortgage repayment relief for 6 months will that mean I will only need to wait 2 months before I come off fixed and can renogiate rates? Cheers
     
  2. Rugrat

    Rugrat Well-Known Member

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    It's probably best to actually ring your bank and talk to them, because I don't doubt that different banks follow different rules in regards to this.

    I am curious to hear if anyone else has an answer though.
     
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  3. Rolf Latham

    Rolf Latham Inciteful (sic) Staff Member Business Plus Member

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    i dont believe the fixed period will change with most lenders

    ta
    rolf
     
  4. Paul@PFI

    [email protected] Tax Accounting + SMSF Business Plus Member

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    I'm in a fixed rate that has ended and the bank says they are too busy to fix it for a month or so....They will sort it and adjust the overcharge cost later. So I have a three year fixed rate that lasts 37-38 months.
     
  5. Niche

    Niche Well-Known Member

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    Newcastle
    To my knowledge, deferment does not extend fixed length

    I work in a bank but not in this department so cannot be sure plus we are not extending loan terms, could be different for banks that are offering to extend loan terms too
     
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