Anyone else's bank turned around & said no to equity release?

Discussion in 'Loans & Mortgage Brokers' started by JMica, 2nd Oct, 2015.

Join Australia's most dynamic and respected property investment community
Page 2 of 2
  1. Peter_Tersteeg

    Peter_Tersteeg Mortgage Broker Business Member

    Joined:
    18th Jun, 2015
    Posts:
    8,169
    Location:
    03 9877 3000
    Dead certain. I reconfirmed it's still in place on Thursday. Another client wanted an equity release on a Sydney property, the existing loan is with ING. I wasn't 100% certain (we rarely deal with ING for this sort of thing), so I called to check.
     
    Peter_Tersteeg, 3rd Oct, 2015
    #21
  2. Speede

    Speede Well-Known Member

    Joined:
    26th Sep, 2015
    Posts:
    786
    Location:
    A wannabe Mexican
    Not sure TBH. It is an existing property from NAB 2 ING....NAB valued at $825,000......ING valued at $910,000 and formal approval was given 3 days ago.

    Second refi property is similar.....not buying anything i just need cash sitting in account for the time being.
     
    Speede, 3rd Oct, 2015
    #22
  3. Jamie Moore

    Jamie Moore MORTGAGE BROKER - AUSTRALIA WIDE Business Member

    Joined:
    18th Jun, 2015
    Posts:
    3,980
    Location:
    Canberra, Brisbane and Sunshine Coast
    ING and investors don't go hand in hand. For a set and forget PPOR loan - they're awesome. For multiple property ownership....I would stay away.

    Cheers

    Jamie
     
    Jamie Moore, 3rd Oct, 2015
    #23
  4. Richard Taylor

    Richard Taylor Well-Known Member

    Joined:
    20th Jun, 2015
    Posts:
    434
    Location:
    Brisbane
    Agree to me they are a lender i would use for an investor as regularly as it snows in Brisbane.

    If you are content in sticking with what you have and not wanting to progress or expand they have a place.

    Dealing with them on an equity release is more painful than my last trip to the dentist.

    Cheers


    Richard
     
    Richard Taylor, 4th Oct, 2015
    #24
  5. AusMover

    AusMover Well-Known Member

    Joined:
    25th Jul, 2015
    Posts:
    50
    Location:
    Melbourne
    That's quite some useful feedback reg ING.

    Any inputs on/ your experiences with "Bank of Melbourne" reg how they fare when it comes to releasing equity from PPOR for the 1st IP?

    Thank you. :)
     
    AusMover, 6th Oct, 2015
    #25
  6. gwills2

    gwills2 New Member

    Joined:
    7th Oct, 2015
    Posts:
    3
    Location:
    Melbourne
    I Dont know how bank of Melbourne are for equity release but every dealing with them I have had for home loans and investment loans has ended badly.
     
    gwills2, 9th Oct, 2015
    #26
    AusMover likes this.
  7. Fargo

    Fargo Well-Known Member

    Joined:
    23rd Jun, 2015
    Posts:
    1,304
    Location:
    Vic
    Bank of Melbourne lost the plot, they were very good when they where St G, they are useless now, have had high staff turn over. I have had a different clueless manager every few months and now I don't have one at all, just some-one on a telephone with a weird title.
     
    Fargo, 9th Oct, 2015
    #27
    AusMover likes this.
  8. Jess Peletier

    Jess Peletier Mortgage Broker & Finance Strategy, Aus Wide! Business Member

    Joined:
    18th Jun, 2015
    Posts:
    6,685
    Location:
    Perth WA + Buderim Qld
    St George generally have lost the plot - worst service ever.
     
    Jess Peletier, 9th Oct, 2015
    #28
  9. Terry_w

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

    Joined:
    18th Jun, 2015
    Posts:
    41,983
    Location:
    Australia wide
    Hey Jess - what about Adelaide Bank?
     
    Terry_w, 9th Oct, 2015
    #29
  10. Jamie Moore

    Jamie Moore MORTGAGE BROKER - AUSTRALIA WIDE Business Member

    Joined:
    18th Jun, 2015
    Posts:
    3,980
    Location:
    Canberra, Brisbane and Sunshine Coast
    Oh they're truly one of a kind! Their fax system is the way of the future!
     
    Jamie Moore, 9th Oct, 2015
    #30
    Jess Peletier and Terry_w like this.
  11. Jess Peletier

    Jess Peletier Mortgage Broker & Finance Strategy, Aus Wide! Business Member

    Joined:
    18th Jun, 2015
    Posts:
    6,685
    Location:
    Perth WA + Buderim Qld
    Nope - St G for the win :)

    Adelaide are slow but at least they try. St G don't even answer the phone, and when they do, you kind of wish they hadn't.
     
    Jess Peletier, 10th Oct, 2015
    #31
Page 2 of 2