Our situation.
PPOR, $600k
Owe, $190k
Available equity, $300k
Ready to purchase 1st PI, so off to finance broker.
Our home loan is with the NAB, we told the broker from the start we didnt want our PPOR secured against PI, just use the equity in PPOR as a deposit.
Broker finds us a good deal with St george, pre approval for $400k.
Now today we get a phone call from his secretary saying we need to sign some forms so St george can take over our home loan from the NAB.
We rang the Broker and he explained that St george need to secure our home for the PI, he also said that for the 1st PI you have to use the same lender as for you're PPOR...
HELP!! This seems to go against everything i've read about PI finance..
Or can someone point me in the direction of threads relating to this subject.
Thanks Jas.
PPOR, $600k
Owe, $190k
Available equity, $300k
Ready to purchase 1st PI, so off to finance broker.
Our home loan is with the NAB, we told the broker from the start we didnt want our PPOR secured against PI, just use the equity in PPOR as a deposit.
Broker finds us a good deal with St george, pre approval for $400k.
Now today we get a phone call from his secretary saying we need to sign some forms so St george can take over our home loan from the NAB.
We rang the Broker and he explained that St george need to secure our home for the PI, he also said that for the 1st PI you have to use the same lender as for you're PPOR...
HELP!! This seems to go against everything i've read about PI finance..
Or can someone point me in the direction of threads relating to this subject.
Thanks Jas.