The danger of x-coll
- Thread starter wobbycarly
- Start date
I think a lot of people worry about crossing for the wrong reasons. I have been crossing and uncrossing properties for years without any problems .... I guess it depends on how much you really trade property .....
I think the average somersofter who are asking questions such as "how do i know if my property is crossed?" won't have much to worry about.
I think the average somersofter who are asking questions such as "how do i know if my property is crossed?" won't have much to worry about.
OK, so I went and had a meeting with the branch manager. (Wow, didn't I get the special treatment!? 
)
She was very positive about the process and all we have to do is fill in some forms, and they will do the internal transfers. She will ring me with an update tomorrow - maybe once she's spoken to the backroom boys, it'll be a different story.
There may be a valuation involved, but even if this comes up a little short (on my val, the LVR is about 78%) I'm happy to leave this one crossed with something else for now.
At least if I can get IP2 released, so we can sell it and keep the proceeds, I'll be happy. Anything else is a bonus.
)She was very positive about the process and all we have to do is fill in some forms, and they will do the internal transfers. She will ring me with an update tomorrow - maybe once she's spoken to the backroom boys, it'll be a different story.
There may be a valuation involved, but even if this comes up a little short (on my val, the LVR is about 78%) I'm happy to leave this one crossed with something else for now.
At least if I can get IP2 released, so we can sell it and keep the proceeds, I'll be happy. Anything else is a bonus.
Long 88 if it's costing you $500 only...do it
Danger of leaving crossing - read tread lol.
Regards
Michael
It's pretty easy to uncross when it's just two or three properties. It gets more expensive and harder as you get more properties. Best to do it sooner rather than later.
OK, so I went and had a meeting with the branch manager. (Wow, didn't I get the special treatment!?
She was very positive about the process and all we have to do is fill in some forms, and they will do the internal transfers. She will ring me with an update tomorrow - maybe once she's spoken to the backroom boys, it'll be a different story.
There may be a valuation involved, but even if this comes up a little short (on my val, the LVR is about 78%) I'm happy to leave this one crossed with something else for now.
At least if I can get IP2 released, so we can sell it and keep the proceeds, I'll be happy. Anything else is a bonus.
That sounds about right wobbly carly, a couple of fresh vals and the rest will be fairly simple
Update for those that care.
Was working overseas last week, so didn't have a chance to follow up, but was a little concerned, but not surprised, that the branch manager didn't call me. She said she would - the customer service rules would suggest that people honor their commitments.
Rang the branch yesterday, left a msg, and got a return call this morning.
The branch manager has "moved on" and no one there has any idea that she was addressing this for me!! New branch manager asked for an email of what we were trying to achieve (I refused to make an appt, as I'd wasted enough time already), so I sent this off today - let's see what happens.
On a scale of 1 - 10 of satisfaction, I'm sitting on about 2 right now.
Was working overseas last week, so didn't have a chance to follow up, but was a little concerned, but not surprised, that the branch manager didn't call me. She said she would - the customer service rules would suggest that people honor their commitments.
Rang the branch yesterday, left a msg, and got a return call this morning.
The branch manager has "moved on" and no one there has any idea that she was addressing this for me!!
New branch manager asked for an email of what we were trying to achieve (I refused to make an appt, as I'd wasted enough time already), so I sent this off today - let's see what happens.On a scale of 1 - 10 of satisfaction, I'm sitting on about 2 right now.
I'm trying to uncross 2 properties with St G. It will cost around $400 in total(settlement fees, search fees and mortgage registration fees). But for St G, to uncross is to refinance, so I have to go through that whole process again. I wasnt planning to buy anything this year, but I'm thinking I should probably just get another IP since I'm 'refinancing' anyway ....
Does anyone know if that cost is tax deductible?
Does anyone know if that cost is tax deductible?
Hi,
For an investment loan the cost is tax deductible in a way, normally the above fee's are added to your total loan ; ie if your loan is $200,000 + the above fee- loan is then $200,400 ...
Regards
Michael
Also on a side note: you shouldn't have to refin just to uncross- it looks like the branch staff is trying to "resell" you the product to get her bonus.
To uncross- they simply "revalue" the place and re issue you the new loan docs for you to sign; which continues on normally.
If your going to refin- you might as well shop around:
1. To see if you can get a better deal
2. structure the loan in a way so you have access to some extra equity to buy the next IP
3. Spread your risk and to build a history among 2 different lenders.
Regards
Michael
To uncross- they simply "revalue" the place and re issue you the new loan docs for you to sign; which continues on normally.
If your going to refin- you might as well shop around:
1. To see if you can get a better deal
2. structure the loan in a way so you have access to some extra equity to buy the next IP
3. Spread your risk and to build a history among 2 different lenders.
Regards
Michael
Further update:
The original manager that had "moved on" left no instructions.
Started dealing with the next branch manager. Well, to be kind, she had no idea. She ended up sending in a blank form, after telling me she'd fill it in for me.
Then... 6 weeks holiday for this branch manager!!! Only found out when I rang for a progress report, and - surprise, surprise - the temporary manager had no idea what was happening!
Long story short, I've been dealing directly with Securities. The first fax with our instructions, they "lost". The second one - they claim they didn't receive it! Third one is now being actioned!!
There is a "shortfall" on two of the requests: only because they are using 3 and 4 year old valuations. Valuer came through PPOR this morning, the other one will be done through the PM.
Lessons learnt:
The original manager that had "moved on" left no instructions.
Started dealing with the next branch manager. Well, to be kind, she had no idea. She ended up sending in a blank form, after telling me she'd fill it in for me.
Then... 6 weeks holiday for this branch manager!!! Only found out when I rang for a progress report, and - surprise, surprise - the temporary manager had no idea what was happening!
Long story short, I've been dealing directly with Securities. The first fax with our instructions, they "lost". The second one - they claim they didn't receive it! Third one is now being actioned!!
There is a "shortfall" on two of the requests: only because they are using 3 and 4 year old valuations. Valuer came through PPOR this morning, the other one will be done through the PM.
Lessons learnt:
- If you want something done, do it yourself - don't trust "branchies"
- X-coll is like drugs. Fun until you want to get off it
- X-coll. Never again!!
Last edited:
Further update:
The original manager that had "moved on" left no instructions.
Started dealing with the next branch manager. Well, to be kind, she had no idea. She ended up sending in a blank form, after telling me she'd fill it in for me.
Then... 6 weeks holiday for this branch manager!!! Only found out when I rang for a progress report, and - surprise, surprise - the temporary manager had no idea what was happening!
Long story short, I've been dealing directly with Securities. The first fax with our instructions, they "lost". The second one - they claim they didn't receive it! Third one is now being actioned!!
There is a "shortfall" on two of the requests: only because they are using 3 and 4 year old valuations. Valuer came through PPOR this morning, the other one will be done through the PM.
Lessons learnt:
- If you want something done, do it yourself - don't trust "branchies"
- X-coll is like drugs. Fun until you want to get off it
- X-coll. Never again!!
Welcome to my world
There is one lender who will remain un-named
they have a locked bag Post office address
For near a decade that Locked Bag has been know as
LOST BAG
in our office
ta'rolf
Isn't it fun
Throw in a settlement that's due to occur a few days later and you've really got yourself some excitement.
Cheers
Jamie
That is crapola. Would have been better to rewrite the whole thing as 4 or 5 full applications IMO. Sometimes what seems like more work is less.
Last edited:
Hi Rob,
Not trying to rub it in sorry but it's what I said at the beginning of the thread.
Not trying to rub it in sorry but it's what I said at the beginning of the thread.
I feel your pain. We have a property tied in with our Trust. It was the only way to get the finance at the time. Now trying to extract it.
It's been months of to-ing & throw-ing and they finally agreed, sent us the papers & said it would all be complete on the 12th of August. Well........guess what? The 12th has been & gone & it's still not done.
It wouldn't be so bad if I was just getting it out but didn't have plans to use it right now, but the main problem is that we have other stuff (different bank) that needs a re-val, but we can't extract any equity out until this is put to bed because if they see movement on the CRAA they might change their mind.
In the meantime, we've seen a couple of good deals that we could have/would have bought but are unable to until this title comes home.
It's been months of to-ing & throw-ing and they finally agreed, sent us the papers & said it would all be complete on the 12th of August. Well........guess what? The 12th has been & gone & it's still not done.
It wouldn't be so bad if I was just getting it out but didn't have plans to use it right now, but the main problem is that we have other stuff (different bank) that needs a re-val, but we can't extract any equity out until this is put to bed because if they see movement on the CRAA they might change their mind.
In the meantime, we've seen a couple of good deals that we could have/would have bought but are unable to until this title comes home.
