Hi All
I've been informed that Suncorp have changed their policy with regards using commercial property as security for a residential loan. This must have been a recent change.
Currently have an application in to releases some equity in a commercial office which will then be used for a residential purchase... As I understand it as long as I have 30% equity in the commercial then surely I am just increasing my loan on that security and that money is covered by the commercial loan.
The residential loan is then secured on the resi property I am buying and I am simply using the money I have released from the commercial property.
Are there any brokers on here that can confirm this is true or not? If so, which banks do allow commercial as security for residential.
Also, i am getting a little confused with all this.
Thanks
I've been informed that Suncorp have changed their policy with regards using commercial property as security for a residential loan. This must have been a recent change.
Currently have an application in to releases some equity in a commercial office which will then be used for a residential purchase... As I understand it as long as I have 30% equity in the commercial then surely I am just increasing my loan on that security and that money is covered by the commercial loan.
The residential loan is then secured on the resi property I am buying and I am simply using the money I have released from the commercial property.
Are there any brokers on here that can confirm this is true or not? If so, which banks do allow commercial as security for residential.
Also, i am getting a little confused with all this.
Thanks