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  1. #1
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    Default Mortgage repayment holiday - what are the implications?

    Hello,
    I'm currently 26 weeks pregnant, before trying for a baby I sat down and looked hard at our bills and finances to make sure we could avoid a baby and for me to take 6 months off work, and it all looked good. However now I'm a bit concerned that our post-baby expenses may be more than I've budgeted for so I was thinking we could do a mortgage repayment holiday for a few months at the end of my leave, as we're about $11,000 ahead of our scheduled repayments. However I was just wondering whether there are any implications of doing this, like a higher minimum repayment or any other terms which may not be obvious? We're with NAB if that makes any difference.
    Thanks and I look forward to hearing from you :-)

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    Default Re: Mortgage repayment holiday - what are the implications?

    Hi, you will be charge more interest as you will then owe more money in the house... That 11k credit is helping cut back on you're interest.... Also you might be charge an addition fee for taking that money out of the loan...

    Sent from my GT-I9210T using BubHub

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    Default Mortgage repayment holiday - what are the implications?

    I would call the NAB, as all banks are different. Mine doesn't charge a fee for this service for example, they just increase your repayments when you start paying again until the shortfall is covered.

    But if you are planning on just using the $11k you may be fine - just slightly more interest since you will no longer be in front. But the amount on a large mortgage would be minimal if only $11k in front, it's not like $100k.


 

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