Powered by MOMENTUM MEDIA
the adviser logo
Lender

Newcastle Permanent confirms it is accepting OO IO loans

by Annie Kane8 minute read
Newcastle Permanent confirms it is accepting OO IO loans

The building society has clarified that it is still accepting applications for owner-occupied interest-only loans, after a message was sent to brokers stating otherwise.

Newcastle Permanent Building Society Ltd (Newcastle Permanent) has confirmed to The Adviser that it is still able to accept applications for customers for owner-occupied (OO) interest-only (IO) loans, following a broker update being sent out stating the contrary.

Earlier this week, the building society issued a communication to some brokers that, effective immediately, it would “temporarily not be accepting applications for owner-occupied interest-only loans”. 

However, the lender has since issued a follow-up update, confirming that it is still accepting OO IO applications.

==
==

It is believed that the initial message may have been sent in error.

A spokesperson from Newcastle Permanent told The Adviser: “We are accepting applications for customers for owner-occupied interest-only loans, and we are always open for business for our customers.

“As a responsible lender, we review every loan application on its merits.”

Newcastle Permanent’s OO IO loans start from 2.89 per cent (two and three-year premium plus package, fixed rate). 

[Related: Newly appointed lender CEO affirms broker support]

green light ta

AUTHOR

Annie Kane is the managing editor of Momentum's mortgage broking title, The Adviser.

As well as leading the editorial strategy, Annie writes news and features about the Australian broking industry, the mortgage market, financial regulation, fintechs and the wider lending landscape.

She is also the host of the Elite Broker, New Broker, Mortgage & Finance Leader, Women in Finance and In Focus podcasts and The Adviser Live webcasts. 

Annie regularly emcees industry events and awards, such as the Better Business Summit, the Women in Finance Summit as well as other industry events.

Prior to joining The Adviser in 2016, Annie wrote for The Guardian Australia and had a speciality in sustainability.

She has also had her work published in several leading consumer titles, including Elle (Australia) magazine, BBC Music, BBC History and Homes & Antiques magazines.