I have part of my home loan that is interest only. It is due to mature at the end of Feb. It has an offset account attached with funds to completely offset the loan.
Will this loan be automatically converted to principle and interest?
I got a letter for my investment loan (which is interest only but not completely offset) but not for this loan so i thought i would ask before i altered the bank.
Yes, it will automatically revert to P&I unless you formally apply to extend the interest only period.
This is something SURELY you would pick up the phone and ask the bank - as opposed to ozbargain.
Not just that, they went through to create an account here specifically to ask this question.
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I would take zero advice from here and call up your bank. You have another month and a half, so you have time to call on Monday.
What does the terms of your loan say?