Search results

Need to stay below the 85% along with also having approval from the mortgage insurer.

Depending on what your existing LVR is and if you already have LMI. If you don't have LMI then yes needs to be under 80%, if it's over and you didn't have it already would be a whole new application required as would have to meet the mortgage insurers requirements.

What about if you have other loans, credit cards and debts to repay as well? What about your cost of living? Rates, water, maintenance & insurance etc...? Serviceability is all of these things, using the banks calculators not your own. Banks usually are risk adverse so likely little...

Yes your properties are crossed, banks won't allow you to have full sale proceeds unless the remaining securities are inside their acceptable LVR levels which might mean that you have to put sale proceeds towards reducing a loan that you don't really want to. Even worse still they could stop the...

Not always the case pending banks it could just mean that you have to have valuations in each property.

I am amazed on a daily basis of the lack of knowledge that colleges, brokers and clients have on x-coll. I don't blame the clients for not knowing, but the look on there face each time when I explain that yes your loan is x-coll, when they have no idea. 90% sounds about right Terry. I would...

Once you have used the 20% from the LOC did you then split the LOC to a seperate LOC or even better still split the 20% used to a seperate IO HL w/offset then keep LOC to continue to process. I would hope that you haven't been putting funds into the LOC and using it as an everyday account?

The time taken to process the applications so it's not x-coll takes longer as it's application for each property, but still not personally an acceptable excuse.

#2 is the only time I x-coll unless the client specifically asks (try talking them out of it but sometimes they are very stubborn, well their wifes are... not wanting 'two loans') Usually they will come in requesting a bridging loan and have been able to service is on usual conditions but...