Hi guys
I've only ever refinanced to buy new properties and ended up with offsets against loan accounts.
I'm in the process of renovating an IP, and I would like to have it revalued post-renovation and refinance to the higher amount with the extra funds sitting in an LoC. I want the LoC arrangement as I don't really have any urgency to buy now and would prefer to wait for the right opportunity to invest in the next property (whenever that might be).
I just wanted to know whether applying for a refinance with LoC is the exact same process as when I ask NAB for a refinance to purchase another property? Is LoC harder to obtain than the latter eg: do I need to have greater income / serviceability to get the LoC?
Thank you in advance.
I've only ever refinanced to buy new properties and ended up with offsets against loan accounts.
I'm in the process of renovating an IP, and I would like to have it revalued post-renovation and refinance to the higher amount with the extra funds sitting in an LoC. I want the LoC arrangement as I don't really have any urgency to buy now and would prefer to wait for the right opportunity to invest in the next property (whenever that might be).
I just wanted to know whether applying for a refinance with LoC is the exact same process as when I ask NAB for a refinance to purchase another property? Is LoC harder to obtain than the latter eg: do I need to have greater income / serviceability to get the LoC?
Thank you in advance.