Hi,
I've got a loan with Suncorp and its split into multiple loans. The security of this loan is against IP#2
The reason why the loans are separate is
Now I've been told if i were to refinance, each one of these loans would be subject to $350 (therefore $350x3 = $1050).
So two questions:
Question #1
Given all the loans are tied to the ONE property, can i simply combine them into a single loan?
Question #2
Are there any fees that must be payable to Suncorp if I combine them (and remain with Suncorp)
I've got a loan with Suncorp and its split into multiple loans. The security of this loan is against IP#2
The reason why the loans are separate is
- Equity Loan with STG (secured against unrelated property): Borrowed 20% + Stamp Duty + Renovation
- Suncorp Loan #1: Borrowed 80% for IP#2 purchase
- Suncorp Loan #2: Construction Loan
- Suncorp Loan #3: Post renovation revaluation, used these proceeds to repay Equity Loan with STG.
Now I've been told if i were to refinance, each one of these loans would be subject to $350 (therefore $350x3 = $1050).
So two questions:
Question #1
Given all the loans are tied to the ONE property, can i simply combine them into a single loan?
Question #2
Are there any fees that must be payable to Suncorp if I combine them (and remain with Suncorp)