I have a question/directive I picked up from Tony Robbins, who borrowed it from the founders of NLP
When would now be a good time...........
ta
rolf
Cross-Collaterized - what next?
- Thread starter mugen
- Start date
I have a question/directive I picked up from Tony Robbins, who borrowed it from the founders of NLP
When would now be a good time...........
ta
rolf
Ok, my cousin has spoke to the mobile lender who originally did their loan contract.
Mobile lender's response seems reluctant to do it. He said he can do it but because it was originally one contract, it'll cost him $395 to do another contract to separate out the security. Is this typically the expense involved in untangling the loans?
Mobile lender's response seems reluctant to do it. He said he can do it but because it was originally one contract, it'll cost him $395 to do another contract to separate out the security. Is this typically the expense involved in untangling the loans?
Mobile lender is reluctant b/c it's work for him with no reward. Also means clients doesn't trust him and is not happy with the way the loan was set up.
Grumpy mobile lender.
Nope. NAB is X-coll King and they're all trained that it's the only way.
It will be no different there.
Get him to speak to a broker.
It will be no different there.
Get him to speak to a broker.
I would suggest you talk to a good mortgage broker to see what can be done. I don't know about the $395 fee. I just refinanced two crossed properties to a new lender and it did not cost that much. I didn't accidentally cross them either. I needed to do that at the time but I told my broker to uncross them at the first opportunity, which we did.
I can tell you from having x-coll properties that it does affect him even if his LVR is under 80%. I suggest that he uncrosses as soon as possible.
After reading this post, I just realised I fell for this trap one week ago after I did my refi from CBA to NAB. Originally I thought cross'ing meant joining 2 loans into 1 big loan but it looks like I made a very newbie mistake and clearly misunderstood the definition of crossing.
Refi'ed mine to 80% LVR
From
$480k
$359k
to
$600K
$413K
Also spoke to my lender, he seems to be ok to do it except I'll lose the waiver of the annual fee which I was going to get for the first year. Not sure if he's trying to bluff me so I don't follow through with it.
Can I still trust the same guy to do it or go find a proper broker to sort out my mess?
Unlike the OP, I re-fi'ed to 80% for each property, would that make my situation be alot more difficult to resolve?
Refi'ed mine to 80% LVR
From
$480k
$359k
to
$600K
$413K
Also spoke to my lender, he seems to be ok to do it except I'll lose the waiver of the annual fee which I was going to get for the first year. Not sure if he's trying to bluff me so I don't follow through with it.
Can I still trust the same guy to do it or go find a proper broker to sort out my mess?
Unlike the OP, I re-fi'ed to 80% for each property, would that make my situation be alot more difficult to resolve?
What makes you think your loans are cross-collateralised?
my contracts for my 2 loans has two securities listed
u are crossed
did u ask for same ?
or did the lender provide disclosure ?
ta
rolf
As well as x-coll, which NAB always do, you've also just extended the loans rather than splitting off the equity.
Are both properties IP's? If one is your PPOR you need to split the equity off before you spend any on investment stuff, or you'll have a mixed use loan. Even if both are IP's it's still best to split off.
Contact a broker to have a good look and sort it out. 80% on each is fine to untangle, no problem there.
