Take the money and RUN!!!

[Redom]

Also is it just the 7% part (or whatever the rate is) that's new, or is the P&I part new too?

No it doesn't look like their assessment rate has changed - just the way they treat debt with other banks is now the same as the way they treat debts held with them. AMP did this change not too long ago.

 

[LarryC]

Hi Redom,

Would you suggest that I pull equity out of one my properties now rather than later?

 

[Redom]

Hi Redom,

Would you suggest that I pull equity out of one my properties now rather than later?

Hi Larry - if your servicing is tight and relies on your other mortgage debts to be treated favourably (so if you have large mortgage exposure) - then yes, its prudent to do it now and take away the risk of policy changes stopping you in future.

Cheers,
Redom