Im am just researching some LOC products.
Im mainly looking at.
NAB Portfolio Facility
NAB Home Equity Loan
Westpac Equity Advantage
ANZ Prof Equity Manager
ANZ Break Free Equity Manager
Any thoughts or recommendations??
Fredo_4305 – I have been using the Wespac Equity Advantage for about 3 years now, the service, staff cooperation/response has been quite good their LOC interest rate tracks their current variable rate.
What exactly are you looking for and at what LVR.
Most lenders wont allow unlimited cash out without a genuine reason and evidence i.e ANZ will want a Stat Dec stating you under stand the risks of investing in shares etc if you say the funds are for managed funds and also a copy of the Statement of Advice from your financial planner.
NAB will want to control the movement of funds by drawing the cheque themselves.
Each lender has a different guideline when it comes to open lines of credit. Also interest rates vary depending on the size of the facility. Horses for course on that one.
Richard Taylor | Australia's leading private lender
Richard – as you are the experienced professional in this area your continued advice & caution regarding the use and or availability of using funds from LOC is very prudent & appreciated. In this present financial climate establishing/increasing a LOC is not assured.
I have a low LVR (not as good as yours) but only 44% and a 20 yr + relationship with my banker, even though I managed to increase my LOC a few months back (for IP painting & repairs) I consider myself fortunate & I will be very carefully wording & presenting my next LOC increase application in a years time with fingers crossed
I agree it seems there are currently no gaurantees with LOC lending at the present time.Please keep up the good work in this forum, even if like me you take early retirement in the near future.
I agree it seems there are currently no gaurantees with LOC lending at the present time.You must be logged in to reply to this topic. If you don't have an account, you can register here.
