Forum Replies Created
Thanks Terry,
I will have to go in and speak with the Bank manager about it. I have tried to find information about what happens considering so many people lost their homes in the floods, that there would be a few similar situations.
Renee
Hi Terry,
It was originally our PPOR but has been rented out as investment for the last 5 years. We purchased it in Aug 2002 and our new PPOR in Jan 2005.
The loans on our new PPOR and this Investment are linked together as we have drawn the equity out with LOC's and are currently using it to build a granny flat at another investment property as it is easier to pay for it than get a construction loan.
I am just a bit worried the bank will expect us to pay down our LOC's (which we need to pay for the granny flat build) due to the valuation on the property with the house burnt down. Or will they hold off on revaluing it until a new house has been built with the insurance payout. Do you even need to tell the bank as we can afford making the repayments on all of the loans plus we are covered for loss of rent so when that comes through the mortgage is easily paid on the burnt house till it is rebuilt (give or take a few months depending on the insurance claim time frame allowed for a rebuild) .
I was hoping someone may have an idea on what the recommended steps are.
Thanks.
I went with RAMS as they were the only ones at the time we had to refinance that would lend to a trust as a low doc loan.
We are planning on building a granny flat on our investment property will the refinance with RAMS to get access to the equity upto the max LVR which was 80% last time. I have heard though that Westpac and possibly RAMS will be making it harder to access funds due to their massive growth in loans last year.
