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  1. Peter_Tersteeg

    X-Coll and building large property portfolio

    Your problem isn't the loan products, it's the way the products are being structured. A LOC is a product, just like a variable or a fixed loan is a product. Cross collateralisation is not about a loan product, it's about setting up loans in a particular structure. As an example, a hammer...
  2. Peter_Tersteeg

    X-Coll and building large property portfolio

    Not very well explained, but the second half is how it should have been done. The first part is a mess. If your broker doesn't know why there's a difference between the two structures, then they're not suitable to be helping you build an investment portfolio. If they do know the difference...
  3. Peter_Tersteeg

    X-Coll and building large property portfolio

    You need a structural solution. A LOC is just a product. It can be used to implement a solution that is or is not cross collateralised, so it makes no difference to the outcome. The selection of product makes no difference to the LMI.
  4. Peter_Tersteeg

    X-Coll and building large property portfolio

    General consumer tip regarding clawback fees: If the broker hasn't disclosed this upfront in a credit quote which you have to sign, you don't have to pay it. cceasy: Right now you're freaking out because myself and a few others have given you some advice based on fairly limited information...
  5. Peter_Tersteeg

    X-Coll and building large property portfolio

    I appreciate the broker may be a friend, but it does sound like the loan structure is being implemented on the basis of competitive interest rates and minimal work for the broker. Cheap rates are great, but unless you've very cashed up and on a very high income, this structure and this lender...
  6. Peter_Tersteeg

    X-Coll and building large property portfolio

    The broker acted specifically against your instructions. The likely reason this was done is because Suncorp will pay a full commission on the refinance, whilst ING would only pay on the equity release component. Suncorp recently had a very cheap rate promotion which may work in your favour but...
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