Where a client requires an interest only (IO) repayment option, there are some additional considerations for you both to understand.
Key information:
Our Personal Help Centre provides additional information on how interest only repayments are calculated.
A written explanation outlining your client’s decision for choosing IO repayments is required and must be consistent with their loan purpose and needs. Examples of IO repayment explanations include:
If your client requires an IO repayment period, you must explain the following to your clients:
The explanation should be provided when you input the IO loan details in your client’s ApplyOnline application. Simply:
For existing clients, if you wish to apply for a conversion or extension of an existing IO period, they’ll need to undergo a credit assessment.
Our team will be able to assist you and your client complete submit this request, see our Convert or extend an interest only period article for more information.
If you’re aware that your client may be experiencing financial difficulty, and may not be able to meet their regular repayments in the future, applying for IO may not be suitable.
It’s best for them to get in contact with our specialist team via our Financial Assistance hub. Our team will be able to work with your client to find the right solution for them.
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