Moving back in to IP

Hello,

Just wondering what the timeframe would be for applying to refinance a mortgage for a property we're planning to move back into? We'll be moving back in approx July. I would like to apply before we move back in as I'll be on a slightly lower salary then (not huge amount but we're not massive income earners so would probably have an impact - but we'd still be ahead due to not paying Sydney rent!). Also, is it still reasonably easy to get an IO loan for a PPOR?

Thanks

 

IO has become poison and a application now may be better than in 4 months. What did your broker suggest ?

 

Talk to your broker about it - there is a lot of pressure on IO in particular which is seeing options erode. In finance at this time its better to take what is available to you now, than hoping it will be available in the future.

When it's a PPOR it'll be no doubt a considerably lower rate, dependent on the lender you're using it may just be a simple tick and flick form to prove you now use it as a PPOR and receive the lower rate, or alternatively some lenders are requiring a full refinance which is not ideal in your circumstances.