Any experience with ING?

Discussion in 'Loans & Mortgage Brokers' started by arorah, 2nd Jun, 2017.

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  1. Rolf Latham

    Rolf Latham Inciteful (sic) Staff Member Business Plus Member

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    Ing are fine for basic ma and pa loans

    Beyond that, proceed at your peril

    Ta
    rolf
     
  2. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Member

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    $330k cash out will be very difficut with ING. St G will be easier but still difficult.

    What do you need it for?
     
  3. htopg

    htopg Well-Known Member

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    Add second level to my single-level investment property.
    Redo the roof.
    Add kitchen and bathroom to the second level.

    My broker told me the same thing: Cash out is harder with ING, compared to St George.
     
  4. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Member

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    Will you have contracts with builders?
     
  5. Watson1

    Watson1 Well-Known Member

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    I have never had issues with cash out with STG. Just make sure your broker is aware about the upcoming changes regarding the way STG calculate negative gearing. ING are a very conservative lender and STG are currently one of the most generous lenders but this will change in a week when they add back interest at the actual rate ~4.50% as opposed to 7.25%.
     
  6. htopg

    htopg Well-Known Member

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    My broker told me that a quote from builder is enough.
     
  7. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Member

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    Yes, it could be, but for a large amount like that they may want a fixed price contract.
     

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