Portability of loans

Discussion in 'Loans & Mortgage Brokers' started by Directproperty, 11th Aug, 2018.

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  1. Directproperty

    Directproperty Active Member

    Joined:
    26th Jun, 2015
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    Location:
    Adelaide
    Hi all, I’m looking at using portability by selling 2 of my properties and purchasing 1 property. The loans are with Westpac and have the portability option. Can you use portability without being reassessed for serviceability? One Westpac staff member said you may need to be reassessed but when I called back someone else said I won’t be reassessed, as the loan amount will stay the same. Is this correct?
    Thanks
     
    Directproperty, 11th Aug, 2018
    #1
  2. Rolf Latham

    Rolf Latham Inciteful (sic) Staff Member Business Plus Member

    Joined:
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    if the LVR stays the same as assessed, and the loan doesnt increase and the property is the same type resi ith same security LVR qualities, then no financial assessment for a straight port with most lenders - wbc inlcuded.

    Here is just one of a dozen reasons why one should consider borrowing a higher LVR at the purchase time at purchase (subject to a million other client considerations of course)

    Borrowing just what you need can often lead to "poor client outcomes" in the future.

    ta

    rolf
     
    Rolf Latham, 11th Aug, 2018
    #2
    Ethan Timor and Terry_w like this.
  3. Directproperty

    Directproperty Active Member

    Joined:
    26th Jun, 2015
    Posts:
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    Location:
    Adelaide
    Thanks Rolf
     
    Directproperty, 11th Aug, 2018
    #3