Coming off Interest Only

So your interest only period is about to expire. Hey, it's Aaron from Diagnostics and Finance. Just today I had a client call me in regards to their interest only period coming off and they felt a little bit stressed about that because of the increase in repayments and the ability to potentially not be able to get another interest only period from their current lender. So what do we do in this case? Well, this is where as a broker I can help you with fixed rates. There are usually maximum terms with different lenders and different ways to increase that term as you need for your circumstances. One of the things in regards to interest only and fixed rates is that there's a big variety of differences in the interest rate. So a lot of deals can be had to potentially go across to principal and interest. But the first offer that your current bank is providing you may not give you the relief that you need with the increase in repayments. Or you might have some owner occupied debt left and you need these to be interest only for a bit more period of time for you to be able to extinguish that debt depending on what your goals are. So if your interest only period is expiring, let's have a chat about it. And if we usually we might need to, well usually speaking we might need to move you from one lender to another to reinstate that interest earning period. That all has to be dependent on what your business goals are, your personal goals are, and what your next purchase or plans for the property that you have going forward. So interest only period expires. Just be careful, your interest, your repayments can increase from where they are now and they could jump by 40 to 50%. So stay in touch with us and we'll get and have a look at what we can do to help you go through interest only to principal and interest or there on from there. Alright, bye for now.