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Refinancing WPAC mortgage after 13 months

Discussion in 'Property Finance' started by B-Mac, 5th Jan, 2016.

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  1. B-Mac

    B-Mac Well-Known Member

    Joined:
    3rd Jul, 2015
    Posts:
    58
    Location:
    Sydney
    I have an investment loan circa $420k which was taken out December 2014. Property worth around $430k.

    It was WPAC Family-Pledge loan and has a limited secured guarantee of $100,000 on my parents PPOR.

    Is this loan able to be refinanced to another lender?
     
  2. Terry_w

    Terry_w Solicitor, Finance Broker, CTA Business Member

    Joined:
    18th Jun, 2015
    Posts:
    8,979
    Location:
    Sydney
    Yes. But what is it worth now? Need to keep the LVR under 80% or LMI - or another family pledge.
     
  3. Jamie Moore

    Jamie Moore MORTGAGE BROKER - AUSTRALIA WIDE Business Member

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    2,145
    Location:
    Canberra and Sydney
    What's the reason for the refi?

    I assume the loan is variable.
     
  4. Redom

    Redom Mortgage Broker Business Member

    Joined:
    18th Jun, 2015
    Posts:
    859
    Location:
    Sydney (West) and Canberra
    Start of by doing a valuation on the property to see where you stand.

    If your sub 80%, that is if the property is worth somewhere above 525k or you've paid some of the loan down, than you have a wide array of refinance options available to you.

    If you do find your below 80%, a loan restructure or refinance is a good idea - its probably a good idea to remove your parents security off while you can. You can do this with Westpac or another lender.

    Whats the reason your looking to refinance? Is it rate focussed?

    Cheers,
    Redom