Portable Loans

[MTR]

Hi All
I am in the process of purchasing a property. I need to move fast as it is a distressed seller and a bargain. Seller wants cash, 30 day settlement

I already have a Westpac lo doc portable loan I can use, however will not be available for another 60 days.

I was planning to use my own cash to purchase this property and then use transfer the property to the portable loan. Is this how portable loans work, can this be done?

Cheers, MTR

 

[Rolf Latham]

portability may work, though the lender rules are sooooooooo loose...............with LMI involved sometimes the answer may not be as simple as we hope

is the loan you wish to port currently below 60 % >

ta
rolf