LOC increase

Have searched to no avail....

...can anyone advise me whether I need to provide the bank with a reason as to why I want to either (i) increase my current LOC or (ii) start up a new LOC against another property?

If I do need to give a reason, can I say it's for reno's, possibly do a quick $1K paint job & use the rest for capitalising interest? :D

Thank you for your feedback :)
 
Hi,

increase LOC => bank does not need to know why. as long as the equity is there for them to increase it, they should do it. no reason asked.

cheers,
Scott
 
Thanks Scott :)

Puts my mind at ease. Still have $19K in LOC, but didn't want to leave it til last minute to find out. Even in these post GFC times, as long as I'm under 80% LVR ?

Regards,
M&M
 
Have searched to no avail....

...can anyone advise me whether I need to provide the bank with a reason as to why I want to either (i) increase my current LOC or (ii) start up a new LOC against another property?

If I do need to give a reason, can I say it's for reno's, possibly do a quick $1K paint job & use the rest for capitalising interest? :D

Thank you for your feedback :)

u will need to justify the reason, the days of saying just chuck $200k in my account r over, don't say reno's as they will want contracts or quotes etc if over say $20k.

u want a car $20k

minor non structural renovations $15k

a holiday $15k
 
mary and mat,

when i applied mine i said 'we are starting a family'... and the bank staff asked no other question.

rdgs
 
mary and mat,

when i applied mine i said 'we are starting a family'... and the bank staff asked no other question.

rdgs

u don't want to be saying that, I assure you the bank staff did not put that on the application they sent through to head office
 
Thanks again all,

So don't mention kids on the application :)

How long ago did you apply for your Kero? Was it when the banks were still throwing money at people?

Regards,
M&M
 
Hi,

i just had one done less than a month ago. Maybe the lender knows me and add the reason on my behalf.

Scott
 
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