I'm so angry. I've got 7 property loans with CBA. 4 of them were set up 5 years ago. The maximum IO period CBA allow is 5 years. After 5 years, the loan reverts to P&I. No problem CBA told me when I set up the loans as they can be made IO for another 5 year period. Only problem is they omitted telling me about the $300 switching fee that would be charged per loan if I did decide to switch back to IO. That's $1200 for 4 loans!!! Needless to say, I have no intention of paying that and plan to shift to another bank. Just wondering if other banks do the same thing though. I guess I could just keep moving every 5 years or so if they do but it's a pain. Also, something else I learnt today, CBA only allow you to have a loan IO for a max of 15 years. I plan to hold my properties long term so that just isn't enough. Is that the norm for banks?