All Topics / Finance / getting PPOR released

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  • Profile photo of grant7grant7
    Member
    @grant7
    Join Date: 2006
    Post Count: 59
    February 23, 2006 - 9:38 am

    Hi,

    I’m trying to organise swapping the security on my PPOR mortgage with another property. Just wondering once the bank agrees to this is my PPOR then OK to borrow against with another lender. Or does my current bank have to send me a title or something which I then can use with another lender. Does all this take very long as I’ve had an offer accepted on another property.

    Thanks
    Grant

    Profile photo of Mortgage HunterMortgage Hunter
    Participant
    @mortgage-hunter
    Join Date: 2003
    Post Count: 3,781
    February 23, 2006 - 9:48 am

    Grant,

    This depends on your current loan. Some are portable some not.

    Why can’t you top up existing loans to release a cash deposit which you can then take to a lender and get an 80% lend?

    Swapping security seems to be adding an extra layer of complexity into the equation and I am not sure why you need to do it.

    Short answer – call a broker!

    Cheers,

    Simon Macks
    Residential and Commercial Finance Broker
    ***NODOC @ 7.15% to 70% LVR***
    [email protected]
    0425 228 985

    Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.

    Profile photo of grant7grant7
    Member
    @grant7
    Join Date: 2006
    Post Count: 59
    February 23, 2006 - 9:56 am

    Thanks Simon,

    I dont wish to shift the loan, I just want to shift my PPOR to another lender (debt free) and I was wondering do I need some papers or something from the bank releasing it before I can do this.

    Thanks
    Grant

    Profile photo of Mortgage HunterMortgage Hunter
    Participant
    @mortgage-hunter
    Join Date: 2003
    Post Count: 3,781
    February 23, 2006 - 10:30 am

    Your new lender will have a document for you to sign that they will forward to the old lender to ask to release the mortgage to them.

    You should have to do very little.

    Cheers,

    Simon Macks
    Residential and Commercial Finance Broker
    ***NODOC @ 7.15% to 70% LVR***
    [email protected]
    0425 228 985

    Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.

Viewing 4 posts - 1 through 4 (of 4 total)

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