How can I swap my UHomeLoan repayments to interest only or request to extend my interest only term?
Interest only repayments require that you only pay off the interest charged on the outstanding balance, over a set period of time, agreed to by the lender. Once the interest only period expires, your repayments will then revert to principal and interest repayments where you will need to pay off the outstanding balance over the remaining loan term.
Interest only repayments can only be applied for up to a maximum of 10 years (Investment loans) or up to a maximum of 5 years (Owner Occupier loans) during the life of your UHomeLoan.
If you would like to change your repayment structure (interest only) or extend your interest only term, please complete the Loan Increase & Interest Only form and a member from our team will be in touch.
When switching your repayments to interest only (whether that is on a fixed or variable structure) we will need to assess your current financial situation to ensure this product is suitable for you. A full credit assessment will be required.