Hey brokers,
Just a quick question regarding IO on a split loan. My brother and I own a property 50/50 with split loans through Bankwest.
Unknowingly to me my brother recently went to Bankwest and asked to go IO on his loan to free up some cashflow.
Now I have had excess cash in my loan so have not been watching it closely and only recently realized my loan was also IO (mind you online banking does not tell you this, you just need to work it out).
So two questions I have is.
Is bankwest even allowed to do this? I would have thought they required my consent as well? It seems wrong that this is allowed.
Secondly can you have a split loan like ours with half IO and half P+I?
Just a quick question regarding IO on a split loan. My brother and I own a property 50/50 with split loans through Bankwest.
Unknowingly to me my brother recently went to Bankwest and asked to go IO on his loan to free up some cashflow.
Now I have had excess cash in my loan so have not been watching it closely and only recently realized my loan was also IO (mind you online banking does not tell you this, you just need to work it out).
So two questions I have is.
Is bankwest even allowed to do this? I would have thought they required my consent as well? It seems wrong that this is allowed.
Secondly can you have a split loan like ours with half IO and half P+I?