Hi everyone,
Just need some advice. I have just signed a contract on a property that settles in June this year, using NAB for finance. I am currently in the process of getting unconditional finance for this (having initially got a pre-approval).
I have another existing property financed with a loan from Westpac. I am planning to get this property revalued next week to get a LOC for the increase in value, and need to fill out a new loan application form for this.
Do I need to mention the new property on this application form as an asset along with the new loan with CBA? The property hasn't settled yet, so it's not my asset, and the loan with CBA won't be in my name until settlement date?
I don't want this new property/loan to affect the re-finance. Any thoughts appreciated.
Thanks,
GSJ
Technically you should fill in the statement of financial position as of the date you sign it, if you have not accepted the NAB's loan offer, then you don't really have the loan yet. You also don't really own the property yet as you have not settled.
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
Hi GSJ ,
Technically Terry is correct, however, your LOC refinance application will most likely be affected.
Your application with NAB or CBA will be registered on you credit file. Unless you withdraw your application from CBA then Westpac is going to question your application for finance and this will ultimately affect your LOC application.
FrankThanks for replies so far. Just a note that the new loan is with CBA, not NAB, as I mistakenly typed in the first sentence.
I might just put it all in, I don't think it's something I can hide.
GSJ
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