Finance advice
Damian Collins

3 roads to take when your interest-only period ends

By Damian Collins

With a recent surge in interest-only loans issued to Australian property investors, what happens when the interest-only period ends?

Blogger: Damian Collins, managing director, Momentum Wealth

The latest residential lending statistics from the country’s banking regulator, the Australian Prudential Regulation Authority (APRA), show a strong shift towards interest-only loans by property investors.

According to APRA, the value of interest-only loans grew more than 14 per cent in the year to September 30.

Furthermore, in the September quarter alone, the share of interest-only loans for residential loan approvals reached 42.5 per cent, emphasising the sheer popularity of these financial products.

Interest-only loans are a great option for property investors, as they allow them to use their cash to repay non-deductible debt or to spend on other assets.

With interest-only loans, as the name suggests, you only repay the interest component of the loan as well as the associated fees. Because of this, repayments are lower than with an equivalent principal-and-interest loan.

Quite simply, you’re only paying interest, and not any portion of the loan.

However, interest-only loans usually only last for five to 10 years before they revert to a principal-and-interest loan. Subsequently, repayments can increase significantly and catch many investors off guard.

So, what are your options when your lender tells you that your interest-only period is close to expiring?

There are three general options that you can take.

Firstly, you don’t have to do anything and start repaying your loan, if you are in a financial position to do so.

Secondly, you can apply with your lender to have your interest-only period extended. Not all lenders will allow you to do this, however, in a competitive market they will try to keep their customers happy and accommodate your needs.

If they are happy to extend the interest-only period, some lenders will require you to complete a new credit assessment or to switch loans, while others will do it without too much fuss.

A third option is to seek out another lender to refinance your existing loan. As well as securing a new interest-only period, this could also save you money, as you might find a better deal with lower interest rates.

Before taking any action, though, it’s best to speak with your mortgage broker, who can advise you accordingly.

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About the Blogger

Damian Collins

Damian Collins

Damian Collins is the founder and managing director of Momentum Wealth, a Perth-based property investment consultancy that specialises in building the long-term wealth of its clients by assisting in the strategic planning, financing, acquisition, development and management of their investment properties.

FROM THE WEB

podcast

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In this episode of the Smart Property Investment Show, Dominique Grubisa joins host Phil Tarrant to share her personal story which saw her hit rock bottom with excessive debt during the GFC.

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Dominique unpacks how, by relying on her background in law, she was able to overcome that debt and in doing so develop a unique investment strategy which she believes many can utilise today.

Dominique discusses distressed properties, and how she goes about finding them in order to buy property well below market value. She shares the process of identifying distressed properties as well as the controversy surrounding this buying method.

If you like this episode, show your support by rating us or leaving a review on iTunes (The Smart Property Investment Show) and by following Smart Property Investment on social media: FacebookTwitter and LinkedIn.

If you have any questions about what you heard today, any topics of interest you have in mind, or if you’d like to lend your voice to the show, email [email protected] for more insights!

RELATED AREAS OF INTEREST:

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More than just bricks and mortar, experts often regard property investment as a ‘game of finance’. As such, a good finance strategy can lead any investor to success.

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To hear more about these services, make sure to tune into this episode of Property Showcase!

 Make sure you never miss an episode by subscribing to us now on iTunes!

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    In this episode of Property Showcase, Michael Beresford joins editor of Wealth James Mitchell to unpack why recent political changes are not reason for concern for Australian investors.<\/p>\r\n

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Many investors who would have been successfully approved for finance last year are struggling now to either begin or continue their property investment journey because of the current financial climate.

In this episode of the Smart Property Investment Show, broker John Manciamelli and Momentum Media director Alex Whitlock joins host Tim Neary to discuss how APRA changes and the royal commission have resulted in a tighter lending economy and what that means for Australian investors.

They discuss what traps investors should avoid if they are trying to obtain finance, the four key growth drivers in a property market and unpacking trust structures while revealing one type of trust that you should miss.

If you like this episode, show your support by rating us or leaving a review on iTunes (The Smart Property Investment Show) and by following Smart Property Investment on social media: FacebookTwitter and LinkedIn.

If you have any questions about what you heard today, any topics of interest you have in mind, or if you’d like to lend your voice to the show, email [email protected] for more insights!

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AREAS MENTIONED:

Hobart
Bondi
Deception Bay

 

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More than just bricks and mortar, experts often regard property investment as a ‘game of finance’. As such, a good finance strategy can lead any investor to success.

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Getting finance approved in this tightening lending environment

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