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Hi Winadil,
I have done the same thing with 2 different banks. When I tried to do it with ANZ I had the same run around as you (my LVR was only 50%) and eventually gave up! When I did it with St George, I rang up and said that I wanted to convert to IO and they done it immediately over the phone. Really don't understand the difference between banks, I was as frustrated as you – still am truth be told. I am still paying principal off of one of my properties as result. If anyone has had any luck with this, please let me know!
Cheers.
Just keep in mind that you wont be able to resell on the open market for 10 years. If you need to get out before then you will need to sell within the scheme to other investors. If you are happy with that then its definitely worth looking into.
Anz is particularly difficult – most difficult and awkward bank ive ever had to deal with. When i went from paying interest a year in advance to monthly they insisted I couldnt do interest only. It had to be pandi. Now i can apparently go iovbut i have to full out another complete loan application for a bloody loan I already have! Madness.Try someone else – anyone else. That would be my recommendation.
