hi Richard

Thanks very much for the reply. i will get onto them

cheers

Hi MIck.. Thanks heaps for that. I was thinking it was something along those lines although they never advertise their full details (that I could find) online. That helps heaps though.

Is this all to do with who their reinsurer is and their guidelines?

I thought commbank self insure quite a bit of their deals?

Hi Benny. Thanks for reply.. I think their concern seems to be what I may use it for??
I didn’t think it mattered..

Property val is 320k and loan is 230k.

Just wanted a line.of credit to bring me up to 90% LVR

Serviceability isn’t an issue

Thanks for the reply Kinetic.
The IP 2 has had the bank valuation so that is confirmed. I am happy pay LMI. For me it is a necessary evil.

I think I understand the LOC part now in regards to have separate loans to avoid CC although the tax deductions on the stamp duty interest I am still unsure about as I thought it wasnt tax deductible

Hi Terry. Yes, that is the point I am trying to make. A good broker wouldnt have had this issue. I believe a broker should be able to advise their clients after understanding their needs what they should and shouldnt do. I have spent the best part of 10 years in the real estate and insurance industry and all too often see negligible advice given…[Read more]

Hi Terry.
I will have to disagree with you there. People employ “professionals” and I use the term loosely for some people , to guide them through this process ( and other complicated things like insurance and accounting) and provide them with quality advice and limit risks.
What good are brokers if they arent helping the client avoid issues like…[Read more]

Will keep everyone updated aswell for future reference, and as Jamie has stated, Definately shouldnt fix a land loan when planning to build

Hi Guys

thanks again for the replies so far. I have sent my friend these. As it is all new he is yet bto confirm with the bank if the deal was put in as a house and land package. Its a new estate in penrith so I cant see while it wouldnt have been done like that.

Seems unusual that no one else has had an issue with Val as yet.

I think he may have paid a 10% deposit on the land. He also had to pay stamp duty as the land registration has taken so long (he is FHB)

The land has apparently gone up $20k according to Val. Its the build that is the problem.

Should his broker have entered the deal as house and land? I think (apparently) he has done that. Is it then the banks…[Read more]

Thanks Michael 

Its not so much declining the "dual occ" but its the reinsurers because I have got less than 20% deposit

I had no plans on buying dual occ hence going through bankwest so just a bit of bad luck 

Had 2 home loans through CBA with good record plus $40k savings and $25k usable equity with property with CBA. 

I can afford to chip…[Read more]

Hi Guys

Just to give you all an update. 
Bankwest declined the loan due to the dual occ/dividing wall between the property which makes it dual occ

I can only go off what my broker has told me 

Waiting to hear from commbank.

Hopefully they will be ok . fingers crossed

Thanks MIchael 

I have 40k cash and 23 k equity so could have squeezed a 90%LVR but went through bankwest because apparently allowed 95% LVR with LMI 

Awaiting there response … didnt even consider the dual occ issue as this deal came on very quick and wanted it done before weekend but will see how it goes

My broker said it bankwest Val comes…[Read more]