X Coll

Discussion in 'Loans & Mortgage Brokers' started by Tranquilo, 28th Jul, 2015.

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  1. Tranquilo

    Tranquilo Well-Known Member

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    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:
     
    Tranquilo, 28th Jul, 2015
    #1
  2. Jess Peletier

    Jess Peletier Mortgage Broker & Finance Strategy, Aus Wide! Business Member

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    6,685
    Location:
    Perth WA + Buderim Qld
    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.
     
    Jess Peletier, 28th Jul, 2015
    #2
  3. Jamie Moore

    Jamie Moore MORTGAGE BROKER - AUSTRALIA WIDE Business Member

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    Location:
    Canberra, Brisbane and Sunshine Coast
    Having multiple loans against one property doesn't mean cross coll.

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

    Cheers

    Jamie
     
    Jamie Moore, 28th Jul, 2015
    #3
  4. Tranquilo

    Tranquilo Well-Known Member

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    Ok thanks Jess / Jamie
     
    Tranquilo, 28th Jul, 2015
    #4