I have IP’s that I had prior to getting married (that are all interest only)and I bought a property with new hubby that is P & I and wanted to change also to interest only.
Found out today that the bank treats it like a new loan and have to supply pay slips etc etc
Prob is hubby moved from QLD and just started a new job so therefore according to the bank he is not qualified (by not being in the same job for 3 months) – banks failing to see that there has never been a payment missed and they want to charge $400![comp]
Has anyone else overcome this problem other than waiting for the 3 months to elapse?[blink]
Jenny1
I may be totally out of the ballpark on this – but since you want to make it interest only, it’s probably because you plan to claim the interest payments on tax, right? So (assuming you pay enough tax to claim it back), why not a low-doc loan?
Or as you said – wait three months. :-p
Allan
Most lenders will change a loan to interest only or vice versa following a phone call. May I ask which lender it is trying to charge you $4000 and requesting documentation?
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Terryw
Discover Home Loans
North Sydney
[email protected]Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
I don’t think Heritage is that bad Terry. I find them pretty good. Check out the post I am just about to write about BankWest. They are the pits!!!
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