All Topics / Finance / Fixed loan payout penalty escape?

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  • Profile photo of chat2howiechat2howie
    Participant
    @chat2howie
    Join Date: 2006
    Post Count: 14
    July 8, 2009 - 6:29 am

    Hi,

    I have a fixed loan on my IP that doesnt run out till late 2011.

    I now have the house up for sale (tenants have moved out, its become too much of a hassle etc) is there anyway to escape the penalty for paying the loan out? the commonwealth wants $12,000 if i pay out they said! :(

    Thanks,

    Profile photo of Richard TaylorRichard Taylor
    Participant
    @qlds007
    Join Date: 2003
    Post Count: 12,024
    July 8, 2009 - 8:40 am

    Check and see whether the loan is portable as if you are purchasing again you maybe able to merely do a security substitution.

    Other than that regrefully no way around it.

    Richard Taylor | Australia's leading private lender

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