Discharging Mortage and pay out figures?

Discussion in 'The Buying & Selling Process' started by yoyo_guitarist, 28th Apr, 2022.

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  1. yoyo_guitarist

    yoyo_guitarist Well-Known Member

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    Hi guys question, I am refinacing my loan whilst topping up the new loan with equity. The application was done 6 months ago and the payout figure to the bank has changed. The loan was that was approved to be paid out was 315K, but as I pay more off the ballance is now 309K. The total new refinace inclusive of equity release is 460K. Will the bank pay of the 309k and fee's and I recieve the ballance up to 460K being 151K or how does it work, will I only recieve 145K as the payout figure has changed ?
     
    yoyo_guitarist, 28th Apr, 2022
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  2. Morgs

    Morgs Well-Known Member Business Member

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    The two banks will talk to each other to coordinate settlement and payout figures. The $460K will be drawn down and after the loan and fees are paid you will receive the surplus.
     
    Morgs, 28th Apr, 2022
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  3. Lindsay_W

    Lindsay_W Well-Known Member

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    Yep!
     
    Lindsay_W, 28th Apr, 2022
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  4. yoyo_guitarist

    yoyo_guitarist Well-Known Member

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    C
     
    yoyo_guitarist, 28th Apr, 2022
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  5. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Member

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    Keep in mind the potential tax issues of a mixed loan - if you will be claiming interest or not claiming the full main residence CGT exemption
     
    Terry_w, 28th Apr, 2022
    #5