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  1. #1

    I only loan went to Pi loan

    Hi guys, my interest only loan went to principle and interest with St George after they wouldnt let me extend interest only. It was $1400, now $6200. I had an offset account which covered 60% of the interest.
    This is roughly $5000 a month more in repayments.
    Please let me know your thought, cheers

  2. #2
    Get a good broker, many on here

  3. #3
    Sound like the original loan was done 15 years ago ?

  4. #4
    At some point your lender isn't going to let you continue to roll over I/O periods. Eventually every loan will become principal & interest.

    @danel you have several options:
    1. Refinance to another lender.
    2. Use the funds in your offset account to help with the repayments.
    3. Use the funds in your offset account to reduce the balance and ask StG to recalculate the repayments based on the smaller loan amount.

  5. #5
    Gosh that's a shocking example. I could handle paying more but probably not that % magnitude of increase across all my loans.


 

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