Search results

Yes but the problem is that lending appetite may have become more restrictive by way of policy or borrowing capacity which means you will not be able to refinance or shop around period. For the record NAB will require a full assessment upon the expiration and extension of the interest only...

If you are extending an IO term with NAB then its definitely a complete re-assessment of the application. However if you are converting to P&I then no assessment. This policy stems from the fact that NAB is a business bank - they have inherited a lot of those policies.

I hope I'm wrong but I think you still need to do a new application for IO extension - that email was referring to simplifying the conversion of IO to P&I and a couple more thing.

Absolutely, some no and some yes (e.g. CBA). Having said that, CBA's IO extension is the best and easiest in the industry (when they are not flat out and don't mysteriously lose the forms).

Yep and add St George, Westpac, CBA and RAMS to that mix - simple one pager's. Like any bank NAB has a lot of good things going for it but unfortunately this is its weakness. Few lenders like Westpac, ANZ, RAMS will do 15 years IO.

Yes thats right - its like a brand new application so they will assess everything not just servicing. This is one of the many reasons brokers need to ask a lot of questions particularly when referring NAB as a suitable lender.

It is possible to extend but NAB will reassess the application including servicing so its certainly not an easy process whereas with say CBA its just a matter of completing a form.