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Did anyone manage to max themselves out BEFORE the APRA changes?

Discussion in 'Property Finance' started by jaybean, 28th Jul, 2015.

  1. jaybean

    jaybean Well-Known Member

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    20th Jun, 2015
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    Location:
    Melbourne
    A lot of people are now either maxed out or limited now due to the APRA changes. I'm curious if anyone managed to get as much as they could before this all started in late May?

    I got really close. I would say I'm about 2-3 equity releases away from where I wanted to be. Now I'll probably get 1 at most. Still I'm happy to have been able to get my last property - I submitted my loan application literally the day before I learned about the first round of changes.

    Anyway I'm curious - were any of you in the fortunate position of being able to squeeze very cent out of the banks before you had hit the ceiling, before APRA's meddling?
     
  2. Leo2413

    Leo2413 Well-Known Member Premium Member

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    Sydney
    My finance broker was weary a few months ago and recommended we get as much out as we can asap and we listened. Only 1 place I was a little too late. 1 bank had literally changed their policy the day after we got our equity out.
     
  3. RetireRich101

    RetireRich101 Well-Known Member

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    Location:
    Sydney
    I did equity release every 6 months for the last 2 years for the Sydney props, so its basically skin to the bones for some, but remain a 80% LVR focus as getting old.
     
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  4. DanW

    DanW Well-Known Member

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    26th Jun, 2015
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    Location:
    Sydney
    Haven't mazed equity out, but maxed servicability before the changes.

    Did a release with amp a couple days before their servicing rate increased.

    Also doubled our portfolio size between August and Feb, buying interstate. So I think we can be happy we did the best we could while we still could.

    Will be ok to take a break and sit through this, fix some rates.

    2 years later things will be easier :)
     
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  5. MTR

    MTR Well-Known Member Premium Member

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    Location:
    Perth, Melbourne, USA
    I did secure another loan, however as I am a developer I am still continually at the mercy of the banks, buying land now and then building. Not looking forward to sourcing finance for the build, fun times:)

    MTR
     
  6. Leo2413

    Leo2413 Well-Known Member Premium Member

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    Know what you mean MTR. Its a love/hate relationship for me.
     
  7. Jkat

    Jkat Well-Known Member

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    25th Jun, 2015
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    Location:
    Sydney
    We refinanced two of our places before the changes and were very lucky that our broker is a knowledgable guy who advised us well!
     
  8. Jamie Moore

    Jamie Moore MORTGAGE BROKER - AUSTRALIA WIDE Business Member

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    Location:
    Canberra and Sydney
    The vast majority of my applications for the last couple of months have been refi/equity pulls for existing clients. It was a crazy/busy period.
     
  9. beachgurl

    beachgurl Well-Known Member

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    18th Jun, 2015
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    455
    Location:
    Sydney
    Same here. Fortunately we just scraped in with AMP to get top ups to cover subdivision/titling charges but construction loans now look hairy.

    We didn't max out our equity but have done a few top ups in the past 6-8 months.
     
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  10. Mick C

    Mick C Well-Known Member

    Joined:
    18th Jun, 2015
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    206
    Location:
    Sydney
    First week of May i think my whole team and I didn't sleep properly for weeks! worked 7 days/ 16 hours day for 4 weeks straight and worst of all didn't get a chance to catch up on my weekly SS read lol :)

    Personally i missed out on one set of equity, took out 4 prior but due to work didnt have time to submit my own :( Gonna have to refinance now no biggie...