As far as I've been told by policy and procedure it is always the case no matter you are staff or normal walk ins.
As I said the reason why St George can do it because they have a different procedure when switching from P/I to I/O compare to Westpac.
Well any lenders in St George will need to advise their customer if they do 90% they need to do P&I, and when they submit the loan it has to be P&I also. It is just a different policy procedure between Westpac and St George that is allowing St George to change the loan structure back to I/O once...
Correct :cool: I used to have my loans with St George doing 90% I/O, but that's not something that supposed to happen and try not to promote this glitch too much otherwise they might change the process, I know how to do it and how it's been done but I'm not going to share it :p
LOL so are you ANZ or Westpac?
Westpac policy is the same, 90% LVR without LMI, but if you are doing 90% you need to do P&I repayment, you can do I/O if you do 85% or below.
Also keep in mind the bank need to see you have a track record of consistent saving, not just a lump sum of money sitting there, so maybe it is nice to start allocating money regularly into your chunk of savings while you build your employment history.
hahaha can't agree more, my fb page always flooded by these people and every now and than some of my friends will approach me and tell me they are selling otp lol
I will not use the word "Sacrifice" but replace it with "Change of life style"
Most of you mention buying a 2nd hand car with cash as sacrifice but I totally disagree, this is more like being more financially savvy and being less superficial/ more mature, because the truth is brand new cars...
Just referring back to the topic and thought the end result didn't stack up lol, or you may have helped contribute this to turn a bargain into a none bargain? ;)
Why can't she re-mortgage her IP and use the equity to buy another investment property? that can avoid the CGT and she can use the re-mortgage interest to offset any gains if she is looking for NG, at the same time she has the benefit of CG on both IPs. wouldn't that problem solved?