Generally, how are the financial institutions currently treating requests to increase existing lines of credit ? For instance, if I wanted to increase these to 75% LVR, how should I expect them to react to such a request ?
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This topic was modified 5 years, 3 months ago by
Property Buyer.
you are borrowing money so you must meet all the usual requirements, including ‘cash out’ restrictions.
business as usual.Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Thanks Terry,
I’m not familiar with cash out restrictions. How do they typically work and what do they involve ?
banks basically don’t want to give borrowers borrowed money without a purpose. Small amounts may be ok, but larger amounts they will want to know what you are going to use the money for and they may want evidence too
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
thanks again – best wishes
Generally, how are the financial institutions currently treating requests to increase existing lines of credit ? For instance, if I wanted to increase these to 75% LVR, how should I expect them to react to such a request ?
All depends on the lenders policy and your borrowing capacity.
Some lender are still ok with cashouts up to 80% for investment purposes – it generally involves a full application process.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
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This topic was modified 5 years, 3 months ago by
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