bobbyftm

Can anyone help with the following please ?? Is it possible to obtain a mortgage in oz where you can pay lump sums off the mortgage every now and then without receiving any financial penalties from the mortgage lender ? If so could you tell me what type of mortgage this is and which providers use these mortgages
once again thanx for all assistance Bobby

drivetrain

Hi, yes, we have a mortgage with Westpac and we can pay off more than our monthly payment without incurring penalties. We are in the process of moving so all documentation is packed away, and I can't remember the name of the package we have, but I will get back to you... Em

bobbyftm

thank you very much Em greatly appreciated bobby

ohippy

Most mortgages here are flexible like that. We have one with Homeside lending where we pay an amount per month. If the interest rates go down we stick at the same amount, if they go up so does our payment. We can pay off lump sums when we want to and draw out money whenever we want to as long as there is excess in there and can even make fortnightly payments (half the monthly amount) which would reduce our term by 6 years !!

Love it.

BTW - we've also opted for the interest only option for a couple of years to get used to the repayments as hubby hasn't long been working and then we'll change to interest and capital

northernbird

very flexible. we too have a mortgage with Homeside Lending (part of NAB) and have three quarters fixed and a quarter variable which means we haven't been affected by the interest rate rise too much but also have the flexibility of paying lump sums off the variable portion if we want to. We also pay fortnightly which as ohippy says reduces the term significantly.

tucs

not telling you how to suck eggs but when i first moved to ireland the mortgage rate was very high, i kept my repayments at the higher rate when it dropped back to a lower rate, this helped me finish up my mortgage a good few years earlier that planned.