ANZ loan redraw question

beachy

Beachy
Friend has ANZ loan - property in company name - paid about $80,000 off a $300,000 loan.

He's been told he can only redraw to 80% which he was hoping to pull out equity of about $50,000, but can only do about $12,000 so not enough to use as deposit to buy another IP - do any of the brokers know if ANZ will do 90 or 95% redraw, otherwise he will have to refinance with another lender.
 

Peter_Tersteeg

Finance broker/strategist
I think your terminology is a bit off, but yes, ANZ will allow you to access equity to 90% of the property value. There will be some mortgage insurance to pay, but it can certainly be done.
 
i would say it shouldn't be an issue with company/trusts etc.

At the end of the day the guarantor and applicant/company have an existing ANZ relationship >6 months I think it should be fine.

Others may be able to comment.
 
Not for an equity release though - that will be capped at 90% + LMI

Cheers

Jamie
I did a top up just last week at 97% for an ANZ existing customer.

Only issue was that they had to keep same remaining term of original loan which decreased borrowing capacity a little for lmi crediting purposes. New top up/equity release was at 30 years.

This wasn't under a company though.
 

Jamie M

Mortgage Broker - Oz Wide
I did a top up just last week at 97% for an ANZ existing customer.

Only issue was that they had to keep same remaining term of original loan which decreased borrowing capacity a little for lmi crediting purposes. New top up/equity release was at 30 years.

This wasn't under a company though.
That's impressive.

What was the purpose of the cashout? How much was the cashout portion?

Cheers

Jamie
 
That's impressive.

What was the purpose of the cashout? How much was the cashout portion?

Cheers

Jamie
I have done it 3 times so far. Twice for cash out to pay for 10% deposit ~$50-60k equity release. Last weeks one was involved a top up of an investment property where the equity release was just under 60k. Loan was approved within 24 hours too!

First time we thought the assessor made a mistake but found out later it is something they can do and it isn't even a policy exception as far as I am aware.
 
I'm with ANZ also, looking to release equity soon. But my 'purpose' might not be as clear cut? I only wish to park the money somewhere for future IP deposit (not near future).

Currently 90% LVR + LMI capitalised on top of it. If I maintain LVR at 90%, I can pull out $25k-ish, which is enough. My asset position and serviceability are quite healthy.

What is the best way to approach this? (That can be approved easily) I have heard some keywords like 'split loan', 'line of credit', etc.
 

Jess Peletier

Mortgage Broker, Perth
I'm with ANZ also, looking to release equity soon. But my 'purpose' might not be as clear cut? I only wish to park the money somewhere for future IP deposit (not near future).

Currently 90% LVR + LMI capitalised on top of it. If I maintain LVR at 90%, I can pull out $25k-ish, which is enough. My asset position and serviceability are quite healthy.

What is the best way to approach this? (That can be approved easily) I have heard some keywords like 'split loan', 'line of credit', etc.
That shouldn't be a problem - there's no time limit to spend the equity release. No keywords required, however a split loan is a good idea regardless. :)
 

Corey Batt

Finance Broker
You shouldnt have too many problems with that chunho, the equity release just needs to be put as for future property investment use - ANZ's policy is pretty flexible with this.

Once released you can do as you please, placing it in redraw/offset etc.
 
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