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Also two renewals takes you to 10 years. Rents would have increased a lot by then to soften the blow should you get stuck on I/O.

No idea I'm simply relaying on what he told me

Maybe you could quickly squeeze it in, as I said the new policy isn't due to kick in until the 18th. Even if your renovation hasn't finished yet the value has probably still gone up.

Other details: -They are changing the way they count negative gearing -They still only count half the mortgage if it's shared, but he said they're changing the rent calcs -He said on the plus side, living expenses are a lot more forgiving now, apparently they used to have one of the most...

Guys my broker is at a conference right now with some AMP people and he's confirmed the new serviceability calcs kick in on the 18th, AND it won't be retroactively applied to applications already in the pipeline. So if you have any clients that want one last bite of this apple now is the time...

Great thanks. When did this news actually hit, I assume this afternoon?

Where did you get confirmation from, do you have a contact there?

Alright thanks!!

Oh sweet Jesus let me go sit down and recover from the 17 simultaneous heart attacks I just had. While it's no confirmation it'll help me sleep easier tonight. Thank you!

Christ and the new policy applied to the application you submitted before the change? I'm not going to be able to relax all weekend now.

I just talked to my broker and he strongly believes the policy won't apply to applications already submitted even if not approved. He said it would only apply to applications submitted after this notice went out. Any precedents to support this? He calmed my nerves but I'm still nervous as hell.

My application was only just submitted to them on Monday and have been wondering what the hold up is. Should I be in a mad state of panic right now? How long do these policy changes usually take, effective immediately? I'm stressing out right now...

EDIT: wrong thread

Very good point, restructures etc.

Jesus, if I had known I would have gotten my first few loans from them before moving onto the others.

So it looks like the best safeguard is really an option for 10-15 years. Which banks offer this? And what are the catches?

Oh, so it ended up being even more work than a regular application? Geez..

What was different about this one?

Ok so in general, it's no more or less work than a regular application. Dammit! I have so many different loans...it'll be a real pain.

Is this the case with all banks? My friend is with...Westpac I think. He said they have a feature called "equity topup" or something along those lines, the name seems to imply it's an easy process like topping up credits on your phone:p ...or is the name misleading? Also my mortgage broker says...