St George have become the latest lender to withdraw their lodoc product for Company & Trust applicants and become part of the long list of lenders who have exited this chanel of business.
Amongst the other amendments to their lodoc policy is the "Cash Out" restriction which is now placed at $10,000 over and over the refinanced loan amount plus costs of refinancing.
Richard Taylor | Australia's leading private lender
Will this make Living off equity in the future a harder thing to achieve? How will it affect others who are currently living on equity?
Vic I think it is virtually over as far as a strategy.
Richard Taylor | Australia's leading private lender
PosEnterprises wrote:Will this make Living off equity in the future a harder thing to achieve? How will it affect others who are currently living on equity?They may have to get a job!
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
That's interesting Richard I wonder how the Investors Club are then pushing that angle on live of equity forever.
Dont think they will pushing that barrow much longer.
Richard Taylor | Australia's leading private lender
Can you please explain that a bit more.. im not sure why they would do that.. we split our loan 3 ways so we have an account for renovation, one for investing, one for the home loan. are you saying that St George are limiting their loans to what the house costs even when you are refinancing to use equity.
St George aren't allowing extra money out – over $10,000 – on the low doc product.
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
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