Transfer PPOR Loan Criteria

Discussion in 'Loans & Mortgage Brokers' started by ramblin72, 20th Mar, 2020.

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  1. ramblin72

    ramblin72 Well-Known Member

    Joined:
    1st Jul, 2015
    Posts:
    83
    Location:
    QLD
    I'm looking for a bit of perspective on moving a PPOR home loan to another bank. Currently owe $55k with a credit limit of $101k on our mortgage account. We have paid that down to almost zero in the past but did a few renos. I expect to have it paid off mid 2022.

    I notice when I look around at other lenders, their criteria seems to assume a minimum loan of $250k. Is our loan too low for lenders to be interested in us as a customer?

    Some additional info is that we have an investment loan outstanding of $226k. Would moving that along with the PPOR balance makes us more attractive as a customer?

    Thank you.
     
  2. Jess Peletier

    Jess Peletier Mortgages, Finance & Property Strategy Aust Wide Business Member

    Joined:
    18th Jun, 2015
    Posts:
    6,226
    Location:
    Perth WA
    Hello :)

    Yes many banks aren't all that interested in small loans, but you can get good rates with some lenders regardless.

    If you bring your INV loan across too, you'll have more luck, and possibly qualify for refinance rebates as well, depending how the loans are structured.
     
    ramblin72 likes this.
  3. ramblin72

    ramblin72 Well-Known Member

    Joined:
    1st Jul, 2015
    Posts:
    83
    Location:
    QLD
    Thanks Jess, I appreciate that info. Gives me a direction :)