Pre payments on loans

Discussion in 'Loans & Mortgage Brokers' started by Spud1966, 11th Jan, 2020.

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  1. Spud1966

    Spud1966 Member

    Joined:
    7th Jul, 2016
    Posts:
    16
    Location:
    Mount Martha
    Hi
    I have 2 investment property purchased with a 30 year Line of Credits with 2 different lenders and also one with a variable interest only loan with a third lender.
    Is it possible to pre pay interest on these properties in June 2020 with these loans or does the loan have to be a fixed rate interest only loan?
    My income next financial year is going to be much lower and I am getting a lump sum this year.
    The loans are with CBA, Suncorp and resimac.

    thanks in advance,
     
    Spud1966, 11th Jan, 2020
    #1
  2. Terry_w

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

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    You can only prepay by fixing the loan - otherwise you won't know how much the interest will be.
     
    Terry_w, 11th Jan, 2020
    #2
  3. Spud1966

    Spud1966 Member

    Joined:
    7th Jul, 2016
    Posts:
    16
    Location:
    Mount Martha
    Thanks Terry - we will investigate fixing.
     
    Spud1966, 11th Jan, 2020
    #3
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