Search results

Flexibility IO (and variable) for me. You can, if you want or have some extra cash pay down the loan. You can do that every month mimicking a P&I. IO just gives you the flexibility in months where cashflow is tight to pay the minimum or redirecting those extra funds elsewhere

As happened to me recently, the bank actually wrote to me saying that they will roll over the interest only payment loan which was coming up to the 5 years expiry. They extended the interest only loan for another 5 years. I didn't have to do anything.