Hi all,
I was hoping someone more cluey in banking and finance than me could help me with a small dilemma -
Basically I have had for a few years what I thought was a line of credit against an investment property (only $40,000 or so) which I recently started putting my excess salary into to bring it back to no debt owed for the purpose of using it as a deposit on my next IP. Final $200 owing was deposited during the week and today i went to my internet banking page and instead of seeing that I have $40,000 available and nothing owing I see that there is nothing there at all - I have $0.00 owing, but also $0.00 available for redraw either!
I can still see the loan but no funds - is this right? Surely whatever money is deposited into a line of credit should remain available for redraw even once you pay it all back to $0?
I haven't been able to contact the bank as their call centre is only M - F but just want to know from somehone who knows how banks work, has all my savings over the past 3 months gone forever or can I somehow get access to it again somehow without needing to refinance the property and setting up a new LOC?
I'm having a bit of a panic as I have signed a contract for a new property and now don't have a deposit ready on hand! I'm currently refinancing another property to lock in the equity into a new LOC, but seriously doubt it will be ready and available in time to provide the deposit for the new IP, plus I won't be able to show regular savings.
In hindsight I should have left the last $200 owing to keep the LOC open but I didn't realise they would close it once it was paid off.
I was hoping someone more cluey in banking and finance than me could help me with a small dilemma -
Basically I have had for a few years what I thought was a line of credit against an investment property (only $40,000 or so) which I recently started putting my excess salary into to bring it back to no debt owed for the purpose of using it as a deposit on my next IP. Final $200 owing was deposited during the week and today i went to my internet banking page and instead of seeing that I have $40,000 available and nothing owing I see that there is nothing there at all - I have $0.00 owing, but also $0.00 available for redraw either!
I can still see the loan but no funds - is this right? Surely whatever money is deposited into a line of credit should remain available for redraw even once you pay it all back to $0?
I haven't been able to contact the bank as their call centre is only M - F but just want to know from somehone who knows how banks work, has all my savings over the past 3 months gone forever or can I somehow get access to it again somehow without needing to refinance the property and setting up a new LOC?
I'm having a bit of a panic as I have signed a contract for a new property and now don't have a deposit ready on hand! I'm currently refinancing another property to lock in the equity into a new LOC, but seriously doubt it will be ready and available in time to provide the deposit for the new IP, plus I won't be able to show regular savings.
In hindsight I should have left the last $200 owing to keep the LOC open but I didn't realise they would close it once it was paid off.