Hi, anyone got advise on how to handle the following situation.
I have 2 loans with NAB
1. an Interest only property investment loan for ~$340,000 (NAB valued $340,000)
2. P&I on family loan with current balance about $385,000 (NAB valued $405,000)
The 2 properties are cross colateralised and secured against a full paid off block of land, value ~$200,000. (This is the land I am selling)
With the proceeds of sale I would like to pay out the required amounts on the 2 variable rate loans to enable them to stand alone (ie no cross colateralization)
~$70,000 into IP
~$60,000 into PPOR,
balance of sale going into PPOR loan but in redraw.
Now the question isn't about the financial sense of doing this, in regards to negative gearing, securing the family home independently etc etc, that strategy has been decided.
The question is what do I do about the $3530 discharge fee being quoted by NAB to make this adjustment to the loans. Do I have any recourse, or sneaky maneuver or tips from the forum about getting this down.
From Nab Site:
"Mortgage Discharge Fee: Includes preparation of discharge, attending settlement and lodgment of documents where applicable"
I have 2 loans with NAB
1. an Interest only property investment loan for ~$340,000 (NAB valued $340,000)
2. P&I on family loan with current balance about $385,000 (NAB valued $405,000)
The 2 properties are cross colateralised and secured against a full paid off block of land, value ~$200,000. (This is the land I am selling)
With the proceeds of sale I would like to pay out the required amounts on the 2 variable rate loans to enable them to stand alone (ie no cross colateralization)
~$70,000 into IP
~$60,000 into PPOR,
balance of sale going into PPOR loan but in redraw.
Now the question isn't about the financial sense of doing this, in regards to negative gearing, securing the family home independently etc etc, that strategy has been decided.
The question is what do I do about the $3530 discharge fee being quoted by NAB to make this adjustment to the loans. Do I have any recourse, or sneaky maneuver or tips from the forum about getting this down.
From Nab Site:
"Mortgage Discharge Fee: Includes preparation of discharge, attending settlement and lodgment of documents where applicable"
