Hi
I used SCMC (a non-bank lender) to get an equity loan from my PPOR.
Nice feature and good rate!
My IP is going to settle at 2:30pm this Friday.
SCMC cannot provide bank cheques for IP settlement.
I had 2 options
1.
a. Redraw by 2:30pm today (which already passed)
b. The fund will be in my nominated CBA account 24-48 hours
c. Get CBA bank cheque
OR
2.
a. Redraw by 2:30pm tomorrow
b. Pay a same-day redraw fee of $12
c. The fund will be in my nominated CBA account by tomorrow afternoon and I can be sure that I can get CBA bank cheque on Friday morning
d. Get CBA bank cheque
With option 1, I am so afraid that the fund arrives in my CBA account on Friday but in the afternoon and I will miss the settlement and probably face hefty penalty??
So I went for option 2.
Now I can see 2 advantages of being with a bank lender.
1. no need to arrange redraw to write bank cheque
2. the fund leaves your account when cheque is drawn by other party, saving you some days of interests
I used SCMC (a non-bank lender) to get an equity loan from my PPOR.
Nice feature and good rate!
My IP is going to settle at 2:30pm this Friday.
SCMC cannot provide bank cheques for IP settlement.
I had 2 options
1.
a. Redraw by 2:30pm today (which already passed)
b. The fund will be in my nominated CBA account 24-48 hours
c. Get CBA bank cheque
OR
2.
a. Redraw by 2:30pm tomorrow
b. Pay a same-day redraw fee of $12
c. The fund will be in my nominated CBA account by tomorrow afternoon and I can be sure that I can get CBA bank cheque on Friday morning
d. Get CBA bank cheque
With option 1, I am so afraid that the fund arrives in my CBA account on Friday but in the afternoon and I will miss the settlement and probably face hefty penalty??
So I went for option 2.
Now I can see 2 advantages of being with a bank lender.
1. no need to arrange redraw to write bank cheque
2. the fund leaves your account when cheque is drawn by other party, saving you some days of interests