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