How is this classified

Hi
I need some clarification on how this particular set up is classified.

PPOR has a line of credit attached.
No other monies owing on PPOR.
Line of credit funds were used to part fund an ip purchase.

Is this use of LOC or the bank l have drawn the LOC from classified as a mortgagee over PPOR?

We are changing the Strata title and l need to notify any mortgagee.

Thanks and l hope l have made this clear enough to follow.
cheers
yadreamin
 
The bank has a mortgage over your PPOR for the line of credit.

But is the change to the strata over your PPOR or IP?

If it's to the PPOR you need to notify the bank.

No if the change is to the IP.

Cheers

Pete
 
The change of strata title is to PPOR.
So do l need to notify the bank who l get the LOC through or the bank that holds the ip that the LOC was used to part purchase the ip?
Or both?
cheers
yadreamin
 
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