Can I get a loan with a new bank

[Decimator4000]

I currently have 5 loans cross collateralised with Suncorp totalling 1.3 million.
Those five properties are valued at 1.8 million.

Due to my current job I get a subsidised loan (one time off) with NAB and would like to take that offer up.

If I get the mandated 5% deposit am I able to get a loan with NAB straight away? Do they need to know about the other properties (of course they do for servicing but do they need to know values and will that inhibit my loan)?

I am fairly unsure of finance and thus need all the help I can get.

Thanks.

 

[Aaron_C]

What's the actual question? You will have to tell the NAB about your assets&liabilities and this can make an impact on your loan application when credit scoring is involved and servicing of course..

I would be fixing up the Suncorp mess before you start getting a new loan with NAB.

 

[Shahin_Afarin]

Definitely fix the mess with Suncorp. It looks like you have enough equity to fix it up now whilst you have the chance. NAB amongst many other lenders do upfront vals.

What exactly is the subsidised loan with NAB?

 

[Decimator4000]

Aaaron,

How can you change cross-collateralisation?

My question is, is it possible to get a new loan with a different bank with the assets I currently have with Suncorp?

 

[Decimator4000]

I receive $471 a month subside on $339k through my employer.

 

[Shahin_Afarin]

You need to submit separate applications but order upfront vals to validate the security amounts for each property.

 

[Shahin_Afarin]

Suncorp and NAB will both do well on giving you decent pricing with those borrowings (if not done so already).

 

[Decimator4000]

Thanks the finance shop. Do you know when de-collateralising if there are added costs in doing this? Also, one of the properties is worth less than when we bought it, can that still be de-collateralised?

 

[Shahin_Afarin]

Depends on the lender but mostly no - certainly not with Suncorp. Your biggest hurdle will be the valuation amounts. You will need to get the loans structured in a way that they are under 80% per security.

 

[Mick C]

To be honest your best to approach a broker regarding possible uncrossing ...uncrossing can be a complex but necessary step in growing your portfolio and having regaining control!

5% Deposit with NAB is possible; but with the amount of equity in your current suncorp loans, yours best to uncross and draw out possible equity in a smart structured way to save on LMI cost + make future loan approval process easier + take control.

Regards

 

[Rolf Latham]

obvious elephant

how did end up with that Aardvark ?

2 loans cross ok, 3 even but 5?

And if it wasnt a problem "then" why is it a sudden hassle ?

ta
rolf

 

[Decimator4000]

obvious elephant

how did end up with that Aardvark ?

2 loans cross ok, 3 even but 5?

And if it wasnt a problem "then" why is it a sudden hassle ?

ta
rolf

Rolf,

Never said it was a problem. Just asked whether I could still borrow off NAB with my 5 x col properties.

As stated in my first post I don't know finance and thus now I have a portfolio with Suncorp which is x col. The other posters stated it was a problem. I'm taking their advice that it is and thus want to find out how to undo it.

Thanks for all the posters responses so far. Will have a chat with someone at Suncorp in the coming weeks and see what can be done.

 

[Decimator4000]

To be honest your best to approach a broker regarding possible uncrossing ...uncrossing can be a complex but necessary step in growing your portfolio and having regaining control!

5% Deposit with NAB is possible; but with the amount of equity in your current suncorp loans, yours best to uncross and draw out possible equity in a smart structured way to save on LMI cost + make future loan approval process easier + take control.

Regards

Thank you very much. I understand the benefits of un-crossing now.

Deci

 

[jonmardell]

I currently have 5 loans cross collateralised with Suncorp totalling 1.3 million.
Those five properties are valued at 1.8 million.

Due to my current job I get a subsidised loan (one time off) with NAB and would like to take that offer up.

If I get the mandated 5% deposit am I able to get a loan with NAB straight away? Do they need to know about the other properties (of course they do for servicing but do they need to know values and will that inhibit my loan)?

I am fairly unsure of finance and thus need all the help I can get.

Thanks.

Your question seems a little vague, if you are asking will NAB lend you money against your properties secured by Suncorp then no. The best option is to assess the entire situation and uncross the securities.

 

[Rolf Latham]

Rolf,

Never said it was a problem.

Thats quite true, these things arent a challenge until they become one.


ta
rolf