All Topics / Finance / LOC from different bank

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  • Profile photo of PropertySeekerPropertySeeker
    Participant
    @propertyseeker
    Join Date: 2006
    Post Count: 43
    August 22, 2009 - 3:24 am

    Hi everyone,

    I have an IP where my loan is with CBA, is it possible to create a LOC using this as security but with another bank? like st george?

    or am I stuck with creating cba's LOC unless I refinance my loan to st george?

    Thanks
    PropertySeeker

    Profile photo of Scott No MatesScott No Mates
    Participant
    @scott-no-mates
    Join Date: 2005
    Post Count: 3,856
    August 22, 2009 - 6:31 am

    If you go to another lender it will require the consent of the first lender to allow another mortgage to be registered on your title.

    Profile photo of Richard TaylorRichard Taylor
    Participant
    @qlds007
    Join Date: 2003
    Post Count: 12,024
    August 22, 2009 - 6:51 am

    In addition to the consent (which is actually not required in every State) you will have to find a lender who will allow 2nd mortgages.

    SGB used to be one of the few who would do so.

    In saying this of course you would have to ask yourself why you would want to use a separate institution.

    Richard Taylor | Australia's leading private lender

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