Change loan type with same bank

Discussion in 'Loans & Mortgage Brokers' started by Cimbom, 12th Mar, 2018.

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  1. Cimbom

    Cimbom Well-Known Member

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    Just wondering if it'd be a full refinance application to change from say a home loan in a package type product to a more basic home loan with the same lender? Thanks :)
     
    Cimbom, 12th Mar, 2018
    #1
  2. Rolf Latham

    Rolf Latham Inciteful (sic) Staff Member Business Plus Member

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    Typically NO, but depends on lender

    many wont allow a switch to a basic from a pro pack, indeed some even wnat a full app for a loan split :(

    WHats the loan size ?

    ta
    rolf
     
    Rolf Latham, 12th Mar, 2018
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  3. Jess Peletier

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

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    Usually just a phone call or form. But you are unlikely to get the low rates they used to lure in new money.
     
    Jess Peletier, 12th Mar, 2018
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  4. Cimbom

    Cimbom Well-Known Member

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    The loan is 450k. I used some of the package products initially but don't need any now. There is also a .30% difference in the rates
     
    Cimbom, 12th Mar, 2018
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  5. Rolf Latham

    Rolf Latham Inciteful (sic) Staff Member Business Plus Member

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    might be easier to just hassle for a biger rate redn ?

    ta
    rolf
     
    Rolf Latham, 12th Mar, 2018
    #5