Genuine Savings

Viewing 6 posts - 1 through 6 (of 6 total)

Regrow
Member
@regrow
Join Date: 2004
Post Count: 77
October 15, 2005 - 2:02 am
Hi all
If I refinance equity from house using St George into St G. offset account(original lender), and apply for loan at ANZ to buy another property.
How do I use the refinanced funds as deposit if ANZ require 6 months genuine savings? (I have in the past had a loan from ANZ but not at present)
Is this the only way or am I missing something?
Thanks in advance.
Regards
Regrow
You are a fool for 5 seconds if you ask a question, but a fool for life if you don’t.
camder
Participant
@camder
Join Date: 2004
Post Count: 170
October 15, 2005 - 3:41 am
Hi regrow,
I am wondering why ANZ would need any more proof of saving than the fact that you have been paying a loan down.
I must admit I have not had the need to worry about that aspect but would imagine ANZ would not know that you were not paying every cent you had available off your existing mortgage.Which really is hte best sort of saviongs. Sorry it may be of no use , this info, and would be interested to hear further how you get on
Cheers for now Len
Richard Taylor
Participant
@qlds007
Join Date: 2003
Post Count: 12,024
October 15, 2005 - 4:52 am
Regrow
As per sommersoft.
Not sure of the amount of your refinance but if you are quick St G in Qld have waived their application fees on their LOC and that maybe preferable than trying to get them to extend a loan to place in your offset a/c.
If the loan is large enough the rate of inertest maybe cheaper.
ANZ Bank will not care where the fudns have come from but just make sure you structure in such a way to reduce your LMI payable.
Cheers Richard
[email protected]
http://www.yourstatefinance.com
Specialising in US & IP finance.
Richard Taylor | Australia's leading private lender
Mobile Mortgage
Member
@mobile-mortgage
Join Date: 2003
Post Count: 913
October 15, 2005 - 9:28 pm
Hi Regrow.
In your case there will be no issue with genuine savings as you already have a mortgage(forced savings) Cheers.
Regards
Steven
Mortgage Broker
Mobile Mortgage Market
Ph: 0402 483 216
[email protected]
http://www.mobilemortgagemarket.com.au
PLEASE note comments made should not be taken as specific taxation, financial, legal or investment advice.
Regrow
Member
@regrow
Join Date: 2004
Post Count: 77
October 20, 2005 - 5:10 am
Thanks for the replies.
Just curious though if I was to sell the house, pay off the existing loan to St George, pay CGT and bank the remainder, then applied for a loan at ANZ would they then require proof of genuine savings?
Regards
Regrow
You are a fool for 5 seconds if you ask a question, but a fool for life if you don’t.
brahms
Participant
@brahms
Join Date: 2004
Post Count: 485
October 20, 2005 - 5:26 am
net sale proceeds generally = gen savings – I often get a copy of the old settlement statement to verify – you shouldn’t have an issue with this.
cheers
brahms
Purveyor of Fine Finances
aka Mortgage Broker Brisbane