changing mortgage to interest only

Hi all

Iwanted to ask any brokers out there this quick question

our loan is with cba a mav pack fixed for 3 years
what i wanted to know is could i temperory change our home loan to i/o for say 6 months & would there be any fee for doing so?

cheers all.:)
 
yes, and yes.
You could apply for a pregnancy pause, or something similar, or you could apply to change the loan to interest only. Usuaully with this option the minimum term is 5 yr interest only, so at the end of 6 months you would have to ask them again to change you back, or you could just continue on interest only and pay the extra principal volunatarily.
Im pretty sure in their contract they could charge you a fee ($300 from memory), but depending on who you talk to, they might be able to waive all or some of it.
 
I think its just a switch form, $300 negotiable to $150 (if your guy wont mine will).

w/the I/O from memory you have to go in years not in months. so say 1 year minimums.

If you're in financial distress then other rules apply.
 
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