Hi SS Members
I have a IO loan on an investment property that has come to the end of the IO period. The bank (a major 4) has requested that I make a full application for the IO loan to continue.
My concern is that this will trigger a new valuation and the property value has fallen below the outstanding loan by approximately $50k.
Has anyone been in a similar situation where the extension of an IO loan has resulted in a new application and a bank valuation?
If a valuation is likely then I might have to consider letting it revert to P&I until the property value picks up because I don't have the funds to meet the loss.
Thanks
Lisajane
I have a IO loan on an investment property that has come to the end of the IO period. The bank (a major 4) has requested that I make a full application for the IO loan to continue.
My concern is that this will trigger a new valuation and the property value has fallen below the outstanding loan by approximately $50k.
Has anyone been in a similar situation where the extension of an IO loan has resulted in a new application and a bank valuation?
If a valuation is likely then I might have to consider letting it revert to P&I until the property value picks up because I don't have the funds to meet the loss.
Thanks
Lisajane
Interest only loan
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