If your fixed rate is expiring, then you must ensure the variable rate that will eventually apply to your loan is competitive.

The interest rate discount will be recorded in your loan documents, but it’s likely that it will be out of date i.e., discounts have increased a lot lately.

Your mortgage broker will need to research your best options.

If your interest-only term is expiring, your broker will need to investigate whether your lender will permit another interest-only term and if so, what the process is to obtain one.

Most banks allow a maximum of two interest-only terms – you need to switch to a new lender to obtain additional interest-only terms.

Some banks require you to go through the whole application process again and others are dedicated call centres that clients must call.

It is possible, due to credit policies, that a lender may not permit another interest-only term.

In that case, you will need to refinance to a new lender.

RealRenta has all the tools that a property manager hasbut for less than ¼ the cost of a property manager.

Join now and the cost is less than a cup of coffee a week to manage your rental property.

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Jason Gwerder
Wednesday, 12 April 2023

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