Interest prepayments with Macbank and AMP, too late?

Discussion in 'Property Finance' started by jerrybee, 17th Jun, 2015.

  1. jerrybee

    jerrybee Member

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    I understand they can take time to turn around. How late can I leave it before the EOFY?
     
  2. tobe

    tobe Mortgage Broker

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    Its a whole new application for most lenders. It might already be too late, depending on the complexity of the deal and their current turn around times.
     
  3. jerrybee

    jerrybee Member

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    Even if my loan is already fixed? I thought it would only take ages if it was variable?
     
  4. Terry_w

    Terry_w Member

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    If your loan is fixed do you intend to break it? Otherwise how will you pay the interest upfront?
     
  5. Mick C

    Mick C Mortgage Broker

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    Macq - Simply call and it;s done within days ( But your to late as they still need 2 weeks- Send out confirmation letter + you pay before 30/6)

    AMp - New app..to late.
     
  6. tobe

    tobe Mortgage Broker

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    That's not how it works. IOIA is a different product entirely. Breaking your fixed rate to change to a different product would no doubt involve break fees, even if you were rolling to the same rate.
     
  7. jerrybee

    jerrybee Member

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    I just called Macbank, they said the last day for payments was yesterday, so I would have had to get my request in a few weeks before that. Fair enough, I was late.

    However, he said I wouldn't have been eligible anyway, because my broker listed the primary purpose of my 8 loans as personal, instead of investment (they were all done at the same time). I'm really annoyed because we have 3 (or 4?) properties against the 8 loans and only one of them is a PPOR. Apparently to change this, it's basically a refinance. With all these APRA changes it would be impossible in my situation. Sigh. So I won't be able to do this next year either. Why on earth does this require a refinance! Red bloody tape.
     
  8. Terry_w

    Terry_w Member

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    That doesn't make sense. How could all the borrowings on 8 loans not be investment related. And how could you qualify for these - must have included rental income for servicing.
     
  9. jerrybee

    jerrybee Member

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    You're right. If they were all treated as PPOR's I wouldn't have qualified. I'm confused and upset:( What do you think I should do? All loans were done at the same time so the investment purpose was probably stated once and they copied them across all loans.
     
  10. Terry_w

    Terry_w Member

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    Sit tight until it affects you and then investigate further.
    Either way the tightening up would affect you whether these are investment loans or personal
     
  11. jerrybee

    jerrybee Member

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    When they first did my loans they screwed something up and had to redo all of them and issue 8 new account numbers. Perhaps my broker did provide the correct investment purpose but when they redid all my loans they just made it all the same to get through them as quickly as possible. I will have to ask my broker. I hope he has the original application form saved somewhere.