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LOC v new loan

Discussion in 'Property Finance' started by Itsme, 23rd Sep, 2015.

  1. Itsme

    Itsme Member

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    Evening all

    I have just had a val carried out on my ppr to release some equity for the next purchase.

    I have a ppr mortgage with nab and an additional loan for investment purposes. Both loans have offset and are secured by my ppr. The plan is to stick with nab for this additional release of equity and increase the loan amount for investment purposes. I like the service I get from my private banker.

    My other IPs have loans with Macquarie.

    Does anyone feel a line of credit would serve better than an increased loan amount?

    Thanks in advance.
     
  2. Shahin_Afarin

    Shahin_Afarin Residential and Commercial Broker Business Member

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  3. Leo2413

    Leo2413 Well-Known Member Premium Member

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    I would see a great finance broker just to make sure your getting the best deals and structure for your overall portfolio. Just my opinion.
     
  4. Jamie Moore

    Jamie Moore MORTGAGE BROKER - AUSTRALIA WIDE Business Member

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  5. Jess Peletier

    Jess Peletier Mortgage Broker - Australia Wide Business Member

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  6. Peter_Tersteeg

    Peter_Tersteeg Finance broker and strategist Business Member

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  7. Jamie Moore

    Jamie Moore MORTGAGE BROKER - AUSTRALIA WIDE Business Member

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    Ok - so same as Choicelend's policy. Capping it to $100k for sub 80 is silly.
     
  8. Redom

    Redom Mortgage Broker Business Plus Member

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  9. Jamie Moore

    Jamie Moore MORTGAGE BROKER - AUSTRALIA WIDE Business Member

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    Not sure if I've been lucky but I've never had to produce written evidence above 80% - it's always been done based on my notes.
     
  10. Redom

    Redom Mortgage Broker Business Plus Member

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    Didn't up until March or so, but since then >80 deals assessors usually asked for it. I had it to about 5/7 deals high LVR equity releases.

    They've asked for it <80 in the past once or twice too, NAB assessors work off what the risk rating the computer shoots out at them. If its rated a higher risk they ask for more. Chances of it being risked higher is greater above 80, so its probably why i had it.

    Usually i don't go to them early in the portfolio anyway - except when i need them for a 90% no genuine savings deal. Also adds more likelihood of assessor requesting verification (riskier).

    Cheers,
    Redom
     
  11. Richard Williams

    Richard Williams Buyers Agent - Southeast QLD Business Member

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    Hi what is an on demand repayable clause ...?
     
  12. Jamie Moore

    Jamie Moore MORTGAGE BROKER - AUSTRALIA WIDE Business Member

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  13. Terry_w

    Terry_w Structuring Broker and a Structuring Lawyer Business Member

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    They would probably give notice - but about 14 days to a month. Not enough time to refinance perhaps - or sell.