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Steven

1 year ago

Hi Michael, I concur with all other brokers comments with regards to the tightening of interest only loans and that more information is required to determine where your loan refinancing requirements may fit with a prospective lender. Details such as your income, existing debts and family situation (wife and number of children) all play a role in the serviceability of debt. Should you be willing to provide this information then an assessment could be made to determine the suitability of a lender. You have my details through Hasching should you wish to discuss in more detail. Regards Steve.

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Andrew

1 year ago

As per the other brokers Michael, there has been a tightening up on interest only loans in part due to APRA and ASIC. If serviceability is not evident on P&I then other lenders would not be in a position to assist. Ia m based in Wangara and would happy to discuss further your loan. Please view my profile for my contact details. Regards Andrew.

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Luke

1 year ago

Michael, As Nathan has said, there is responsible lending in place to ensure you can afford the repayments on loans if interest rates were to rise, hence the assessment rate. There would be several factors involved in your lack of serviceability and these change from lender to lender. Best thing to do is to speak to a mortgage broker and have a chat around your situation in detail to see if we can fit you with a lender, but be aware interest only loans have an interest premium on them now and are restrictive in the equity you require (Lender dependant again). I am based in the Midland area and am nearby, so please feel free to get in touch with me and we can have a chat. Look forward to hearing from you. Regards, Luke.

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Nathan

1 year ago

Hi Michael, I am guessing that your situation has changed since you first took out the loan. Unfortunately I think you are going to struggle to refinance if you are not able to service the debt according the lenders calculators. As part of responsible lending obligations both mortgage brokers and lenders need to ensure that you can manage repayments should interest rates rise. This is why we use higher rates in the lenders calculators. On the interest only front there has been a change in regulations recently which means that interest only lending is now even more restrictive for both owner occupied lending and investment lending. You would need a full review of your situation to see if there are any options available to refinance outside of your current bank. Feel free to get in touch if you have any questions Regards Nathan

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