Refinancing Bank Australia?

I wanted to refinance my Bank Australia mortgages from variable IO to 2 year fixed P&I.
Now I started doing this on the phone, but it seemed that it was a full assessment where they needed all income, debt and assets.
Given that I've got $2.75M of total debt (across four lenders) and my wife stopped working full time, on top of the APRA changes, I highly doubt that I'd qualify for a new loan with them.
According to the lady that I talked to, they need to do a full assessment as I'm moving from IO to P&I. Is there any way around this? One of my mortgages is at 4.89%, which is obviously quite high.

 

Full assessment to switch from I/O to P&I. Very odd, I've never of heard that before unless you're increasing your loan or doing something else 'credit critical'.

 

That's what I thought too. No increase in credit and LVR is just over 50%. A little bit annoying.

 

Hmm. Make me wonder what they will do when they complete their assessment? Say no?

I'd ask to speak to soneone else and double check their policy. Next step is to speak to their hardship team, surely they will let you switch to p&i.

 

I reckon you spoke to the work experience kid

 

hmmm, strange, full assessment to change from IO to PI.

 

Call them again - who knows, you might get a different person answer the phone who'll provide different advice.

Sounds incredibly strange that they'd want a full app in order for you to pay off the principal. Having said that - not much surprises me with banks these days.

Best of luck!

Jamie

 

Yep call again, sometimes I'll call a bank three times and get three different answers!

Maybe the person had the wrong end of the stick and thought you wanted to move to interest only.

 

I called Bank Australia twice and got two different answers for my same questions about IO a week ago.

 

It could be that their systems don't allow any change without a new application. Ive heard stranger things. You'd have to think if they can change the interest rate they can change the repayment type though.

 

Nuff said!