Question regarding P&I to IO LOAN

Hi everyone......My situation is as follows.....

Own my PPR and have 1 investment property. 1 mortgage over both properties. 3 separate LOC though - one for the PPR, one for the investment house and one for if needed (but never touched). Owe nothing on PPR, and loan on investment has gone from IO to P&I in January this year (5 years).

Lost my husband to cancer 15 months ago and have money from his life insurance in offset against investment house. Have just gone from 5 day job (school hours) to 3 day (school hours) which will hopefully increase with time. I can't work full time at the moment (like until 5 every day) due to youngest child being 12 years of age.

Would I be best off asking the financier (RAMS) to go back to IO for a while until my work picks up. What are the chances of them saying yes??? Probably pie in the sky asking here, but you never know lol.

 

Sorry for your loss maybellz. Welcome to the forum.
It's worth asking Rams. In this world if you don't ask, you don't get.

 

Sorry to hear about your loss. RAMS is not on the broker channel but I think you can extend your IO period for another 5 years provided the total IO term is less than 15 years.

Give them a call and find out. If not then they would need to reassess your application and you would need to ensure you can service the debt.