You can take a 3-month payment break up to three times over the life of your mortgage – really useful if you run into extra expenses in a year such as the birth of a child or education fees.
To be eligible for a payment break:
- Your mortgage loan must be drawn down at least 2 years (if drawn in instalments, it must be at least 2 years since the final drawdown),
- There must be at least 12 months between payment breaks, and
- You must have complied with all the terms and conditions of the mortgage.
Applications are subject to approval. Available on your Principle Private Dwelling only. Only available on annuity (standard capital and interest) repayment mortgages. Lending criteria and terms and conditions apply.
At the end of the Payment Break period your repayments will be adjusted so that your mortgage will be repaid within its original term. I.e. your ‘Break’ repayments will be spread over your remaining mortgage, which means your new repayments will be higher than they were before the Payment Break.
When you apply, we will send you a ‘Mortgage Form of Authorisation’ with full Payment Break terms and conditions for you to sign and return to us.