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.
Ensure the loan/equity release is a separate facility and not a top up. I would prefer a term loan as its generally cheaper than a LOC and it doesn't carry an on demand repayable clause. Just be wary of NAB's new (and crappy) cash out policy.
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.
Anything over 80% LVR or an amount over $100k requires direct evidence. Direct evidence might be a COS, invoices, financial planners written advice, etc. I'll forward you guys the email shortly.
Over 80% wasn't really anything new - i've found that their credit team have been doing that for a while anyway, whether it was explicitly stated or not. The 100k part is annoying.
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.
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
They would probably give notice - but about 14 days to a month. Not enough time to refinance perhaps - or sell.
