Also, borrowers who took out interest-only loans prior to 2015 are likely to have accumulated positive equity because of substantial price growth in recent years. This would help them to qualify for refinancing into a longer P&I term if they desired it.
15 The Australian Securities and Investment Commission has required eight lenders to provide remediation to  borrowers that face financial stress as a direct result of poor lending practices related to interest-only lending. As yet, however, only a small number of borrowers have been identified as being eligible for such remediation action.