Have you been given your marching orders?
Recently a major bank has written to many of its interest only loan borrower’s encouraging them to refinance with another lender, unless they start paying off the principal on their loans.
Repayments are already increasing due to the rising interest rates, so the last thing the borrower wants is to be told that they have to pay off the principal as well.
Fortunately there is still some competition left in the home loan lender market, as we have lenders that still keen to provide interest only loans to borrowers.
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