Funding renovation from equity

Discussion in 'Loans & Mortgage Brokers' started by Journe3, 13th Feb, 2020.

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  1. Journe3

    Journe3 Member

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    A friend who is not on this forum has asked me to post on their behalf.

    Basically, they need around 10K to renovate the house. They have loans with ANZ and NAB.

    Can they get the loan, from their equity without doing a full application? Or the banks will require a full application?

    I remember a bank offering me to take $$ without doing a full application a few years ago and I am not sure whether it's still the same.

    Thank you
     
    Journe3, 13th Feb, 2020
    #1
  2. Terry_w

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

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    Full app is needed to borrow further but they might have some available in redraw
     
    Terry_w, 13th Feb, 2020
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    Lindsay_W likes this.
  3. Terry_w

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

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    They might also qualify for an unsecured loan
     
    Terry_w, 13th Feb, 2020
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  4. Journe3

    Journe3 Member

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    Thanks Terry.
    They are trying to avoid high interest rates though
     
    Journe3, 13th Feb, 2020
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  5. Lindsay_W

    Lindsay_W Well-Known Member

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    Full app as Terry mentioned (unless redraw)
    Good time to review current rates and products, if doing a full application you might as well see if you can do better with another lender
    Is $10K going to be enough to do what they want?
     
    Lindsay_W, 13th Feb, 2020
    #5