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From: Fiona H
Hi, question for the legal beagles amongst us.
I was talking to my broker (filling in forms again!) yesterday and he mentioned that if you have more than one property with a lender, it dont matter if they are not cross-collateralised, if you muck up on one loan, they can take the other property if they want... hence defeating the benefits of NOT cross-collateralising. He said it was covered in something like "All Moneys" legislation.
Comments? More info on this legislation?
We have "serviceability issues" (actually the bank has the issue, not us!) and they are offering us a good deal to get all our properties (3 at present) across from other lenders.
Cheers
Fiona
Hi, question for the legal beagles amongst us.
I was talking to my broker (filling in forms again!) yesterday and he mentioned that if you have more than one property with a lender, it dont matter if they are not cross-collateralised, if you muck up on one loan, they can take the other property if they want... hence defeating the benefits of NOT cross-collateralising. He said it was covered in something like "All Moneys" legislation.
Comments? More info on this legislation?
We have "serviceability issues" (actually the bank has the issue, not us!) and they are offering us a good deal to get all our properties (3 at present) across from other lenders.
Cheers
Fiona
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