We just settled yesteday (01MAY08) on our 6th IP. You would think we'd have learned by now, but the actual finance conveyancing was rather an ordeal. We had a loan due to other IP valuations for $60k set up and paid into our current LOC (all fine here). We had the new loan with NAB Homeside set up for $316k (80% LVR) all set and account established (all fine here).
The balance of money $34k was to be a redraw from another I/O account set up for our 5th IP which had an available redraw of $38k. Trouble was, the automatic redraw facility on Homeside was not established, so we had to transfer from my company account to manage the shortfall without overdrawing the LOC. I would have thought once the I/O account was set for IP05, redraw would have been automatic!![Eek! :eek: :eek:](data:image/gif;base64,R0lGODlhAQABAIAAAAAAAP///yH5BAEAAAAALAAAAAABAAEAAAIBRAA7)
Just a word to those who may get to settlement day and not be absolutely assured that the funds will be drawn from their accounts automatically.![Roll Eyes :rolleyes: :rolleyes:](data:image/gif;base64,R0lGODlhAQABAIAAAAAAAP///yH5BAEAAAAALAAAAAABAAEAAAIBRAA7)
Any other forumites had a similar experience??
The balance of money $34k was to be a redraw from another I/O account set up for our 5th IP which had an available redraw of $38k. Trouble was, the automatic redraw facility on Homeside was not established, so we had to transfer from my company account to manage the shortfall without overdrawing the LOC. I would have thought once the I/O account was set for IP05, redraw would have been automatic!
Just a word to those who may get to settlement day and not be absolutely assured that the funds will be drawn from their accounts automatically.
Any other forumites had a similar experience??