St george eelease equity difficulties

St george is just suggestion from broker. We are open to all viable options

 

Depends on the amounts too. If under $50k should be easier with most lenders

 

ME bank also good for cash out and servicing can be good for investors too.

 

$50k per property or $50k in total?

 

total

 

Quite weird, neither the STG bank lender nor the broker mentioned anything regarding the equity release of approx $200k

 

I wrote: If under $50k should be easier with most lenders

 

Do you have a question or are you just hijacking the OP's post

 

I am just commenting because i'm also in the process of refinancing thorugh STG with approx $200k equity release and i was not told of any difficulty in assessing the equity as opposed to what the OP is saying. Don't think this is "hijacking" the OP's post..

 

what rate are you getting? 2.99 Fixed or 3.29 variable ? thank you

 

3.29 variable

 

Exactly, you weren't told of any difficulty, OP was told there would be difficulty and now you're concerned? If your broker/banker hasn't given you reason for concern then trust what they're telling you, if you ARE concerned then mention it to them and see what they say, their response could help the OP.

 

Got it..

 

STG is saying that all the equity taken out form the home loans will be at investment interest rate, which is higher than the OO occupier rate. Is this correct? Does every bank do the same?

 

That is St George's policy that it is for stated purpose, not every bank will do that

 

It is correct as in it is their policy. Not every lender does the same and there are ways around it too.

 

@Morgs @Terry_w thanks a lot for quick reply. @Terry_w when you say there are ways around it, do you mean there are ways to get the equity out at OO rates?

 

yep

 

Can you please provide some more detail, if you won't mind. Although the rate difference and the equity amount is not huge but still no harm in trying to save whatever can be saved.

Moreover the plan is to keep the money in the offset so in reality it won't cost me anything extra as compared to now. But still I will have to pay little bit extra interest when I do use the money.

My thoughts were that the equity taken out from OO property will be at OO rate, but looks like STG policy is different.