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Where to get interest only PPOR loans?

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| 17 Nov 2010, 12:15 AM Agree 0

Can anybody recommend a good lender who offers interest only payment for loans on principal place of residence? I've been seriously looking into this but it's really hard to find reliable information!
  • Smartline Chiswick | 30 Nov 2010, 02:16 AM Agree 0
    Hi Minic,

    There are a number of lenders out there who offer interest only repayments for your PPOR. Most of the major banks will do it and in addition to them lenders like Bankwest, AMP, BMC, Suncorp etc etc. My suggestion would be to find a good mortgage broker and review your situation to get the best deal. If you are Sydney based I'd be happy to assist.

    Regards,
  • Mick C | 07 Feb 2011, 01:02 PM Agree 0
    Can anybody recommend a good lender who offers interest only payment for loans on principal place of residence? I've been seriously looking into this but it's really hard to find reliable information!



    It's a common product offered by a lot of lenders, As mentioned speak to a broker ( make sure they are free!) and they be able to help you.

    But for your interest, the three that comes to mind that offer this are;

    Bankwest ( 5 years Max)
    St George Bank ( up to 10 years, depending on LVR- monthly terms only)
    HSBC ( 5 years max, LVR 90%)

    Just out of interest, who did you have problem with? CBA?


    Regards
    Michael
  • Home Loan Experts | 12 Apr 2011, 07:52 AM Agree 0
    Just be wary as if you go for a interest only loan and are borrowing over 80% then this may lower your credit score as some lenders see this as a higher risk. If you are borrowing over 90% then some lenders such as Suncorp do not allow interest only loans.

    Certainly for most people with just a home loan and no other debts or investments it makes sense to pay P&I instead of interest only. If you are trying to reduce your payments so you can use your money elsewhere then by all means go for it.
  • digital1234 | 18 Jun 2012, 07:41 AM Agree 0
    this is a offer that provide by the lendors for your help to maintain your house for a time period returning money. it may be 80% for you as a help with a paricular interest.
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