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X Coll

Discussion in 'Property Finance' started by Tranquilo, 28th Jul, 2015.

  1. Tranquilo

    Tranquilo Well-Known Member Premium Member

    Joined:
    18th Jun, 2015
    Posts:
    342
    Location:
    Mascot
    I've taken 2 top up's/separate split from my PPOR.
    Both have new account numbers so they separate loans.
    One top up I bought IP with same lender.
    Second top up I bought IP with another lender.
    Anyway are these top up's now crossed with the PPOR?:confused:
     
  2. Jess Peletier

    Jess Peletier Mortgage Broker - Australia Wide Business Member

    Joined:
    18th Jun, 2015
    Posts:
    2,781
    Location:
    Perth WA
    They are secured by the PPOR. The first IP may be x-coll with the PPOR, the top-ups won't be.

    Check your loan docs for the IP and it will tell you.
     
  3. Jamie Moore

    Jamie Moore MORTGAGE BROKER - AUSTRALIA WIDE Business Member

    Joined:
    18th Jun, 2015
    Posts:
    2,159
    Location:
    Canberra and Sydney
    Having multiple loans against one property doesn't mean cross coll.

    Having multiple properties secured by the same loan(s) does.

    Cheers

    Jamie
     
  4. Tranquilo

    Tranquilo Well-Known Member Premium Member

    Joined:
    18th Jun, 2015
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    Location:
    Mascot
    Ok thanks Jess / Jamie