All Topics / Help Needed! / Interest Only?

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  • Profile photo of tuggerwaughtuggerwaugh
    Participant
    @tuggerwaugh
    Join Date: 2007
    Post Count: 192
    June 17, 2009 - 9:50 am

    Quick question..
    When you are given an option of how long you want to pay interest only, is the interest rate you are given a fixed interest rate for that period? Looking at the NAB products at the moment. Any help appreciated. Cheers
    tugger

    Profile photo of FinSpecFinSpec
    Member
    @finspec
    Join Date: 2009
    Post Count: 137
    June 17, 2009 - 1:56 pm

    The two options should be separate for you… ie, you pick how long you want to have your loan I/O for, and you pick if and how long you want your rate to be fixed by.  You can have your loan variable and I/O if you like.  You can have your loan I/O for 5 years, but the rate fixed for 1, 2, 3 yrs etc.  There are a few restrictions on the combinations, but they shouldn't worry you.

    Guys, step in if you know anything to the contrary, but that's my experience. 

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