If a customer would like to convert their repayments from principal and interest (P&I) to interest only (IO) or extend their current IO term, they’ll need to undergo a credit assessment.
Our variations team can assist you with your customer’s interest only variation application. To start the process, email all necessary documents to the variations team inbox at mortgagevariations@macquarie.com.
The following documents are generally required:
The application will need to be assessed and approved by our credit team.
Typically, a valuation is required for a variation application to convert or extend an interest only period. A valuation may not be required if your customer’s loan to value ratio (LVR) was less than 65% when the home loan originally settled.
Once approved, your customer’s home loan account details will reflect the updated repayment type and expiry date. A variation acceptance may be required from your customer before the conversion is done depending on their home loan product type.
For more information, including variation types and the documentation required, see our Technical and post-settlement variations reference guide.
The new interest only repayment amount will be effective from the next repayment date after the change. In most instances the change will be effective from the repayment date that follows the next scheduled monthly repayment.
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