Newcastle Permanent confirms it is accepting OO IO loans

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]

Newcastle Permanent confirms it is accepting OO IO loans

Annie Kane

Last Updated: 09 January 2020 Published: 10 January 2020

Written by Annie Kane

Last Updated: 09 January 2020

Published: 10 January 2020

Annie Kane

Annie Kane is the editor of The Adviser and Mortgage Business.

As well as writing about the Australian broking industry, the mortgage market, financial regulation, fintechs and the wider lending landscape – Annie is also the host of the Elite Broker and In Focus podcasts and The Adviser Live webcasts. 

Email Annie at: This email address is being protected from spambots. You need JavaScript enabled to view it.