Cash out refinance - NAB

Discussion in 'Loans & Mortgage Brokers' started by Gracie6, 17th May, 2020.

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  1. Gracie6

    Gracie6 New Member

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    Hi all,

    Do NAB allow refinances up to 90% LVR?

    Noting there may be some LMI adjustment. Would it be full LMI payable or just an adjustment from what we’ve already paid?

    Initial loan was 90%, Currently sitting at 84% and property value has increased. We were curious if possible to loan up to 90% of the current value.

    If it makes a difference, property value $950k.

    Cheers
     
  2. spludgey

    spludgey Well-Known Member

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    Whole new loan application, but should be possible, as you still meet the criteria for a 90% LVR loan.
     
  3. Jess Peletier

    Jess Peletier Mortgages, Finance & Property Strategy Aust Wide Business Member

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    We've done this with NAB before - I'm assuming you're already a NAB client?

    Might have changed recently due to covid though, cash out of one of the things lenders are tightening on.
     
  4. Terry_w

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

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    Depends on the amount and the use of the cash out
     
  5. Morgs

    Morgs Well-Known Member Business Member

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    Standard policy for NAB >80% they will want evidence for use of funds

    Valuations can fluctuate wildly between lenders too, so may be worth getting a range of upfront valuations from different lenders. Had one recently where one lender's valuation came back $50K higher than the others which meant they could refinance at 80% instead of >80% resulting in a better rate and saving thousands in LMI.
     
  6. Rolf Latham

    Rolf Latham Inciteful (sic) Staff Member Business Plus Member

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    In my exp

    NAB = Need another bank for 90% of post settlement stuff

    What Richard says makes a lot of sense

    ta
    rolf
     
    Terry_w likes this.