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  • Profile photo of Prop16Prop16
    Member
    @prop16
    Join Date: 2003
    Post Count: 145
    December 6, 2003 - 11:58 am

    When an IP is bought using the following loan structure: 80% using IP and 20% as well as LOC using PPOR as security, is it necessary (a must) to tell the Home & Content Insurance company of the PPOR about what happened?
    Thanks for the input.

    Profile photo of TerrywTerryw
    Participant
    @terryw
    Join Date: 2001
    Post Count: 16,213
    December 6, 2003 - 1:25 pm

    No.

    You are just insuring the building. You only tell the insurance company of the bank’s interest because the property is being used as security. It doesn’t matter to the insurance company what the funds are used for.

    Terryw
    Discover Home Loans
    North Sydney
    [email protected]

    Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
    http://www.Structuring.com.au
    Email Me

    Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au

    Profile photo of Prop16Prop16
    Member
    @prop16
    Join Date: 2003
    Post Count: 145
    December 6, 2003 - 3:18 pm

    Thanks Terry

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