All Topics / Finance / Changing Loan Types

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  • Profile photo of arnoldarnold
    Participant
    @arnold
    Join Date: 2004
    Post Count: 3
    March 31, 2005 - 8:53 am

    If I was to change a P&I loan to an IO loan, would this action incur any additional costs/penalties?

    Profile photo of oshenoshen
    Member
    @oshen
    Join Date: 2005
    Post Count: 112
    March 31, 2005 - 9:25 am

    Depends on the lender. Just phone them and ask.

    Profile photo of Mortgage HunterMortgage Hunter
    Participant
    @mortgage-hunter
    Join Date: 2003
    Post Count: 3,781
    March 31, 2005 - 9:29 am

    It shouldn’t do.

    Cheers,

    Simon Macks
    Finance Broker
    [email protected]
    0425 228 985

    Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.

    Profile photo of TerrywTerryw
    Participant
    @terryw
    Join Date: 2001
    Post Count: 16,213
    March 31, 2005 - 12:28 pm

    Usually just a switch fee of a few hundered $$.

    Terryw
    Discover Home Loans
    Mortgage Broker
    North Sydney
    [email protected]

    Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
    http://www.Structuring.com.au
    Email Me

    Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au

Viewing 4 posts - 1 through 4 (of 4 total)

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