Loan query

[padfoot22]

I got 2 loans at 2 different loan providers. I recently switch to a fixed rate loan and had mentioned another loan to my banker. We were discussing the possiblity of doing the loan from the other provider into their bank. I was weary about x-coll but was unsure.

If I have 1 loan at the bank securing 1 property. If I take another loan for the 2nd property with the same bank it is separate, right? It's not x-coll without me knowing?

 

[Peter_Tersteeg]

It depends on the lender and the loan product & package. More information would be required to answer your question accurately.

 

[padfoot22]

I got one loan at fixed rate for property #1 at nab. Another loan with Homeside as interest only for property #2. If I refinance the Homeside loan into another nab loan for property #2 would they be separate still?

 

[Rolf Latham]

Maybe

Im interested as to why youd move from Nab to Nab though ?

Surely the homeside rate matches the NAB rate

ta
rolf

 

[padfoot22]

When I took the Homeside loan they had that 0.7% discount campaign on so the rate was cheaper than nab.

At the moment I'm justing evaluating the proposition of moving to a nab loan with property #2 but unsure if nab will keep the two loan and two property separate or not. The banker I spoke to reckon it will not be x-coll but how does one know for sure?

I move from nab (homeside) to nab because I can get extra benefits. But only if it is really worth the trouble. However, that is only second to the thoughts of x-coll.

 

[Modal Harmony]

Did you do the Homeside through a broker or direct with NAB? All our IP's were refinanced as a combination ING (for 80% LVR) and balance to Homeside, but all done through the broker we use.

K&R

 

[Rolf Latham]

Hiya

Homeside is a Broker only "product".

ta
rolf

 

[Spectre]

As a comment, I think people sometimes fail to realise that homeside is a division of nab, and distinguishes broker clients from retail clients.

Similar to that of Colonial and CBA...

That being said, it is "almost(?)" like they are two different lending books, and if nab refinance a homeside loan, then your broker gets cut out (per se), and reverse by the same token.

So brokers will generally use homeside before nab but this is probably moreso that nab doesnt pay a trailing income