Hi all, wondering how easy or not it is to transfer a home loan to another property. My wife and I currently own our PPOR in my wife's name. Mortgage is roughly $265k, house is worth $500-$550 based on comparables. So let's assume equity of $235k at least.
Reduced income (we've had a baby and my wife is no longer working), I've had a career change and a decrease in salary.
We want to purchase a new PPOR but don't (can't) get a loan for anywhere near the amount we want as I am on a low income and am now supporting my wife and son.
Does anyone know whether we can transfer our current mortgage to purchase a new PPOR? We are with ING. Or, is there any other way we can upgrade using the equity in our current PPOR?
Cheers
Reduced income (we've had a baby and my wife is no longer working), I've had a career change and a decrease in salary.
We want to purchase a new PPOR but don't (can't) get a loan for anywhere near the amount we want as I am on a low income and am now supporting my wife and son.
Does anyone know whether we can transfer our current mortgage to purchase a new PPOR? We are with ING. Or, is there any other way we can upgrade using the equity in our current PPOR?
Cheers