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Depends on the overall LVR as to how simple it would be to untangle - do you know the rough LVR they're sitting at currently?
Its relatively simple.......tell him to go see an IP savy mortgage broker. If you need one PM me and Ill pass on my national award winner broker details to you .
I've been told the LVR is about 68% at the moment
Depending on the spread partial security release or refi with the institution or outside of it.
Sharon from the customer service counter at CBA?
I've been told the LVR is about 68% at the moment
Sharon might me Okay for your slums DaveM but not in mugan's case.
Shh dont let Corey know
Smells like NAB ...................
It should be no trouble to untangle this at all, and I would suggest getting it done as soon as practical. As Terry said, the implications can be devastating in some cases so it's worth doing while you can.
Thanks for the tips guys.
You are right sir. He is with NAB.
So what are the specific actions and expenses involved in the process of untangling x-coll loans?
Should he be refinancing out to another bank?
Why is it critical to take action now as opposed to taking action in a year or two into the future, even though he does not plan to use any of equity between now and two years time?
My cousin has been pretty comfortable with where he is now and is planning to hold on to them for many years to come as he may want to turn one of the IP into PPOR.
It depends on the properties and how they're structured. If they're all on one loan it's different than if they both have similar LVR's but 2 loans, and different again if one if high LVR and one is low.
It's not about getting out equity, it's about being able to sell when you want to. Even if that's not for ages, if he leaves it and buys another IP with NAB, or even just gets more equity out, it just gets messier and can get to a point where it can be very expensive and difficult.
My suggestion is do it now while it's easy. It's not necessary to go to a different bank, he can stay with NAB if he chooses.