Join Australia's most dynamic and respected property investment community

Discharge ANZ breakfree

Discussion in 'Property Finance' started by Cream&Co., 20th Jul, 2015.

  1. Cream&Co.

    Cream&Co. Member

    Joined:
    4th Jul, 2015
    Posts:
    9
    Location:
    sydney
    Hi guys

    I have 2 seperate loans under the ANZ break-free package. I'm wanting to refinance one of the loans to another lender.

    Anyone know of the top of ther head if this is an easy process or is it difficult because they are in the same package? The loans are seperate accounts so I don't see why it would be hard??

    Thanks for any feedback. Josh
     
  2. Corey Batt

    Corey Batt Finance Strategist Business Plus Member

    Joined:
    14th Jun, 2015
    Posts:
    1,167
    Location:
    Adelaide, SA
    The package won't impact the refinance process at all.

    Just make sure you don't have any nasty cross collateralisation that you weren't aware of.
     
  3. Peter_Tersteeg

    Peter_Tersteeg Finance broker and strategist Business Member

    Joined:
    18th Jun, 2015
    Posts:
    2,104
    Location:
    Melbourne, Nationwide
    The nature of the difficulty could depend on the existing ANZ loan structures. If they're cross collaterlised, it's often painful to move one loan and leave the other behind.

    Outgoing lenders often deliberately make the process difficult in order to buy themselves time to try keep your business.
     
  4. Rolf Latham

    Rolf Latham Inciteful (sic) Staff Member Business Plus Member

    Joined:
    14th Jun, 2015
    Posts:
    1,165
    Location:
    Gold Coast
    talking of difficult recent responses..................

    U bank.......... sir,we need 15 working days to attend to that

    WBC port for their own partial discharge retaining 1 mill +in loans, sorry 21 days + val time

    But ANZs Locked bag 9 ( Lost bag nine) has also come uo with funnies in the past

    At lease with just a partial, they have some skin left in the game

    ta

    rolf
     
  5. Cream&Co.

    Cream&Co. Member

    Joined:
    4th Jul, 2015
    Posts:
    9
    Location:
    sydney
    I was very careful when taking the loans that there was no crossing. Both loans are self secured at 80% LVR and have seperate account numbers. I'm praying this goes down easily.
     
  6. Jamie Moore

    Jamie Moore MORTGAGE BROKER - AUSTRALIA WIDE Business Member

    Joined:
    18th Jun, 2015
    Posts:
    2,150
    Location:
    Canberra and Sydney
    If their stand alone it will be straight forward. Get the discharge form over to them nice and early to give them time to process it and you should be fine.

    Cheers

    Jamie
     
  7. Bran

    Bran Well-Known Member

    Joined:
    20th Jun, 2015
    Posts:
    3,220
    Location:
    At work
    I did it 8 weeks ago, no issues. But I left 500k with them
     
  8. Cream&Co.

    Cream&Co. Member

    Joined:
    4th Jul, 2015
    Posts:
    9
    Location:
    sydney
    Awesome thanks for the responses guys.