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Yes, sounds like the mobile lender is trying to flog him off. Lender was trying to convince him that x-coll or not x-coll is not going to affect him differently because he is under 80% LVR. Maybe he should talk directly to one of the branches?

Ok, my cousin has spoke to the mobile lender who originally did their loan contract. Mobile lender's response seems reluctant to do it. He said he can do it but because it was originally one contract, it'll cost him $395 to do another contract to separate out the security. Is this typically the...

Thanks for clearing that up folks!! Will advise him of the risks involved in leaving it till later.

Thanks again Jess. Me and my cousin really appreciate your help on this. Currently his has 2 loans: 400k - 56% LVR 500k - 77% LVR Correct me if I'm wrong, it doesn't matter whether he does it tomorrow, next week, a month or 1 year later. Just so as long he uncrosses the loans before...

Thanks for the tips guys. You are right sir. He is with NAB. So what are the specific actions and expenses involved in the process of untangling x-coll loans? Should he be refinancing out to another bank? Why is it critical to take action now as opposed to taking action in a year or two...

Not too sure on his situation, I will have to check with him. What are the implications of the 3?

I've been told the LVR is about 68% at the moment

Hi all, I was talking to my cousin about x-coll'ing It appears he has the x-coll 2 IP's without even knowing a few years ago. He wants to know if there's anyway to undo this or minimise the impact of x-coll'ing his IP. Or he has dug himself a hole? Thanks guys.