going from int only variable to fixed rate

[GIDDO]

Hoping to get some advice from more experienced investors or finance brokers.
I have 3 loans totalling about 600k all with adelaide bank. 2 out of the three will be 5 years old very soon. They are interest only and will reset to pincipal and interest if I do nothing. Total of the 2 is about 400k.
I would like to change the loans to fixed interest rates for about 5 years if possible.
However I believe that I must have p & I for it to be fixed interest rate. Is this correct.

If I talk to my existing lender about going to a fixed int rate, will they want to do valuations or any other onerous contortions? Or should I be able to just choose my poison from their list of available products.

Should I be able to negotiate a discount on their fixed rate products or is that workable only with variable product?

 

[sparky23]

No our st George one that came off recently was a 3 year fixed interest only loan. Coming off fixed to variable didn't involve any paperwork or valuations we jut chose the product that we wanted to change to.

 

[Rolf Latham]

Hiya Giddo

In general, most lenders may want to do a new credit assessment to go from IO to a new IO period .

However, ABL generally do 10 year IO periods if asked from the outset, so you may be on a good case.

On the discounts, there isnt a lot of fat there but always worth the ask

ta
rolf