Hi All,
Has any had experience exchanging securities on mortgages you have used for VF and are about to be financed out. I am contemplating if it is easier to find another property to use for another VF and do an exchange on settlement and hopefully avoid some bank fees and LMI, or has anyone discovered first hand it is simply easier to settle and establish a new mortgage. Any forum brokers advice would be greatly appreciated.
Thanks
MichaelK
“We aim for Perfection, however excellence will be tolerated.”
Hi Michael
You can substitute security, but it is hard to find something around the same price that will settle on the same day as your sale.
However, Some banks like the ANZ will give you up to 3 months to find another property – they will take keep the loan there waiting.
Terryw
Discover Home Loans
North Sydney
[email protected]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 for the input terry. I have not been to active on this forum recently but I am surprised to find it has gone so quiet.[shocked]
MichaelK
“We aim for Perfection, however excellence will be tolerated.”
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