Discharge ANZ breakfree

Discussion in 'Loans & Mortgage Brokers' started by Cream&Co., 20th Jul, 2015.

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  1. Cream&Co.

    Cream&Co. Member

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    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 Well-Known Member

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    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 Mortgage Broker Business Member

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    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

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    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

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    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

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    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

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    I did it 8 weeks ago, no issues. But I left 500k with them
     
  8. Cream&Co.

    Cream&Co. Member

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    Awesome thanks for the responses guys.