Equity and fixed rates

Hi all,

I am considering buying my 1st IP early next year.

I have a PPOR which is a house but its currently on fixed rates until mid 2011.
I bought my house in mid 2008.

I am with Bank West. Will my fixed rates have any negative effect on me taking out equity?

Thanks
 
Hiya

If you stay with Bankwest and your servicing is strong, then no impact at all

ta
rolf

When you say "servicing is strong" you mean that I never fall back with mortgage repayments? I havent missed any.

Also, when it comes to the interest rates, will my equity loan be on exactly the same interest rates as my mortgage or will it match the current interest rates (I am fixed at 8,49%).?

Thanks
 
Servicing being strong means you meet or exceed the banks serviceability formula in relation to income and liabilities. If you have missed a payment in the last 12 months, regardless of how much you earn, this will cause many lenders to think twice about approval.
If you are able to take another loan with Bankwest, you can choose any of their current products, either variable or fixed.
 
Servicing being strong means you meet or exceed the banks serviceability formula in relation to income and liabilities. If you have missed a payment in the last 12 months, regardless of how much you earn, this will cause many lenders to think twice about approval.
If you are able to take another loan with Bankwest, you can choose any of their current products, either variable or fixed.

Thank you.
 
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