CBA "Transfer" Redraw

[jrc77]

All,

I have some new loan facilities with CBA and am having trouble to get CBA to do what I would like to do. I am trying to find the correct terminology/forms to "move" my redraw from one account to another.

I have two loan accounts secured against a property - for example:

Balance Redraw Avail
Account 1: 200,000 100,000
Account 2: 100,000 0

I want to transfer the available redraw from loan account 1 to account 2. Has anyone done this with CBA? If so, do you know what form you used? Did you need to have the loan reassessed for servicability etc?

I have done this with a previous bank and it was a simple phone call and signing a form - all done within a couple of days.

Regards,

Jason

 

[Buddybee]

Are they redraw's or offsets?

If they are offsets, you can go into a branch and ask to have an offset created for Loan 2 (I think it's called a MISA account). For it to exist you need to deposit a MIN of $1K into the account when it's created. The balance needs to be kept at a MIN of $1K.

Once it's created; if you already have online banking you'll find your new offset will appear on Netbank overnight and you can move funds however you please.

Cheers
Buddybee

 

[davo6253]

To clarify do you want loan 2 to be 100k bal and 100k redraw? If so ou would have to do an adjustment of the limits on the loan as you are increasing the borrowing capcity for loan 2. Not sure if CBA has that facility. If you want 0 balance and 100k redraw just redraw from loan 1 and put money on loan 2.

 

[Spectre]

all you'd do is transfer it from one account to the other.
BUT issue would be you'd pay out loan 2
Would be easier to set up an offset on loan 2, transfer the redraw into the offset.

 

[jrc77]

To clarify, before I have:

Balance Redraw Avail
Account 1: 200,000 100,000
Account 2: 100,000 0

Afterwards I want:

Balance Redraw Avail
Account 1: 200,000 0
Account 2: 100,000 100,000

I would have thought this is fairly normal operation for anyone that is doing debt recycling.


Spectre - this doesn not achieve what I need to do.

Davo - To clarify do you want loan 2 to be 100k bal and 100k redraw?

Yes

If so ou would have to do an adjustment of the limits on the loan as you are increasing the borrowing capcity for loan 2. Not sure if CBA has that facility.

Buddybee - I don't want to move funds - I want to move where I can redraw more funds from.

CBA seem to be telling me that I would need to reduce the limit of loan 1 (simple faxed form) and then apply for a top up on loan 2 (which would presumably go through standard credit criteria - possibly run into issues because the loans are new etc etc).

Regards,

Jason

 

[Spectre]

Right.

With variable rate loans not too easy as they are already documented etc. I.e. Loan 2 is a $100k facility so you need to increase it to $200k and see saw it.

As an option, you might be able to swap both to lines of credit, then you can do a see saw of the limit from one account to the other without fresh credit assessment, then convert back to variable. But I'd figure a new application would be easier and faster... to the point where as the overall exposure to the bank isnt increasing they might just sign it off without batting too much of an eye


Otherwise I'd figure what they've said is right, you dont have a portfolio style facility so thats out the window.