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Changing you loan to PPOR

Discussion in 'Property Finance' started by smallbuyer, 29th Jul, 2015.

  1. smallbuyer

    smallbuyer Well-Known Member

    Joined:
    25th Jun, 2015
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    Location:
    WA
    How does one go about changing you loan from investment to PPOR of residence?
    Interested in general but also specifically about AMP loans.

    Do you have to be reassessed? (perhaps hard in this climate)

    I presume you need to prove you live in the house? What sort of proof do they need though?

    If you had a ppor with another bank and then rented it out (without telling them as noone does) would trying to get a different bank to make your loan ppor somehow trigger the existing ppor loan to be changed to an investment loan?

    Noone has really cared for years if loans where inv or ppor so im sure heaps of people are living in inv loan houses or renting ppor houses. Will they somehow be checking if a place is rented in the future?

    Cheers

    Smallbuyer
     
  2. Big Will

    Big Will Well-Known Member

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    I would assume you might have to complete a stat dec saying the house will be your PPOR is there and have mail sent to the address or a PO box.

    Don't know really though.
     
  3. Till Kingdom Come

    Till Kingdom Come Well-Known Member

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    Aussie Aussie Aussie Oi Oi Oi
    Is it actually owner occupied or rented out? Are you gonna make a false declaration if it's actually not owner occupied?
     
  4. smallbuyer

    smallbuyer Well-Known Member

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    its OO but rental yrs ago
     
  5. Mick C

    Mick C Well-Known Member

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    Sydney
    We have been doing a few today...so far...

    AMP- New application reassessment ( haven't done any yet...but that's the process anyway)

    CBA - Sign form and tick and flick with your broker.

    NAB - Ring and change to P.I and sign form

    ANZ - Yet to hear back....any brokers got any ideas on this one yet?
     
  6. Sashatheman

    Sashatheman Well-Known Member

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    Location:
    Sydney (West), Australia
    I am dealing with this right now with CBA. In my discussions, the guy I was talking with said that because of these recent changes many people are updating their loan classifications. He said that he will get back to me around the 4th of August when CBA higher-ups will provide official guidance on what forms, proof is required to make those changes in their system.

    My situations is that we bought an IP last year, and moved into it 6 months later and rented out the old PPoR. So the bank has outdated info.

    Why this matters? Because the current PPoR loan is larger, and will not be subject to the 0.27% increase in interest rates, like the IP loans are.

    BTW if you are with CBA and have IPs and want to fix the rate, you need to do it before the end of July, as the fixed rates increase earlier than the 0.27% increase on variable rates.
     
  7. smallbuyer

    smallbuyer Well-Known Member

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    25th Jun, 2015
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    Location:
    WA
    New application reassessment to change is very harsh with the new assessment rules!!
     
  8. Azazel

    Azazel Well-Known Member

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    Brisbane
    I'm going to be looking at this in a couple of years, hopefully things settle down by then and it's a bit more straight forward.
     
    UrbanDingo likes this.