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Reply: 2.1.1.1.1.1.1.1.1.2 From: Les . G'day Steve, So there IS one Bank out there who doesn't rip your arm off? ;^) This sounds like a P&I loan, rather than IO - normally, on IO you don't "get ahead" without deliberately paying extra. Let me ask you this - did you ASK if there would be...

Reply: 2.1.1.1.1.1.1 From: Les . G'day Paul, And thanks for your comments "It is possible to negotiate a delayed payment without penalty if you get them to agree first." Les>> I thought I had You can also try asking them to refund the penalty in the interest of good customer relations...

Reply: 2.1.1.1 From: Les . G'day The Banker, Thanks for your input - yeah, you're right - and with hindsight, that is easy to see. My post was to alert others who (like me) thought these things could be "arranged". And, isn't it a bit strange no-one "reminded" me that the penalty...

Reply: 1.1 From: Les . G'day Adam, I'm sure you'll find it is not just Adelaide Bank. Every mortgage I've signed has included a "penalty rate" - often 2% above current rate. And, yes, this "2%" is HUGE - as it's 2% of the whole outstanding mortgaged amount. And it stays at that rate...

From: Les . G'day all, Recently sold one of my IP's - it had been untenanted for some weeks while on the market. Cashflow got a bit tight because of other costs around the same time, so I rang my lender to delay one payment of the mortgage (had an unconditional contract due to settle in a...