Renegotiating loans - Redundancy

Discussion in 'Loans & Mortgage Brokers' started by Timocracy, 16th Mar, 2020.

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  1. Timocracy

    Timocracy New Member

    Joined:
    2nd Jul, 2015
    Posts:
    3
    Location:
    Earth
    CBA
    Investment
    fixed 4.2% 240k 12-18months to run Interest only

    PPOR
    fixed 4.2% 240K 12-18months to run Interest only
    variable 200K P & I

    I'm reasonably confident I'll be made redundant in the next month or two because of the coronavirus situation. Honestly I have a fair amount in offset account against the PPOR to survive in the medium term, but I wouldn't like to waste a crisis as they say. What kind of deal have people been able to negotiate from the banks laterly? People at work have said they've called the banks and been offered instant rate cuts/repayment holidays etc? What's the best deal one could hope for in my situation? any chance of getting let off the fixed rates and converting to variable to lower outgoings?
     
    Oliver Shane likes this.
  2. Brady

    Brady Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    2,110
    Location:
    Adelaide, SA
    Getting out of fixed doesn't happen without the ERA being paid.
    Once it variable you can walk, banks been left with the cost.
     
  3. Beano

    Beano Well-Known Member

    Joined:
    7th Apr, 2016
    Posts:
    2,093
    Location:
    Brisbane
    Is your redundancy likely to be much over $680k after tax so you can pay off all your debt and have some to invest in another property ?