Hi guys
My PPOR home loan is with Ubank and I have finally paid it off. Hurrah! My loan amount is $736k and I have the equivalent amount sitting in redraw. Currently every month Ubank direct debit a fixed amount out of my bank account as the monthly payment for the loan. I would like to stop these payments
As far as I can see my options are as follows:
1. Discharge the loan - which means no future repayments
2. Ring Ubank and ask the to recalc my monthly repayments based on the new outstanding loan balance (ie reduce repayments to zero)
My preferred option is number 2, but I wanted to see if any of you knew whether Ubank would be open to me doing this? In effect I would have a line of credit but I would be paying nothing for the loan. Do you think there are any issues with me calling Ubank and trying to exercise option 2? I don't want to suddenly be asked to discharge my loan...
Thanks in advance
My PPOR home loan is with Ubank and I have finally paid it off. Hurrah! My loan amount is $736k and I have the equivalent amount sitting in redraw. Currently every month Ubank direct debit a fixed amount out of my bank account as the monthly payment for the loan. I would like to stop these payments
As far as I can see my options are as follows:
1. Discharge the loan - which means no future repayments
2. Ring Ubank and ask the to recalc my monthly repayments based on the new outstanding loan balance (ie reduce repayments to zero)
My preferred option is number 2, but I wanted to see if any of you knew whether Ubank would be open to me doing this? In effect I would have a line of credit but I would be paying nothing for the loan. Do you think there are any issues with me calling Ubank and trying to exercise option 2? I don't want to suddenly be asked to discharge my loan...
Thanks in advance