Hi
I am refinancing and have decided to go to 90% on my ppor (staying at 80 on investment for safety). I feel it is worth the money to be able to get the extra to do deals with.
The quesion is that the bank have said the mortgage insurers will want to know exactly what the money is for – I said to buy a property but they then said that I would have to find it first. I want the money to be able to just get something without worrying about the bank.
Does anyone know if they will really want a very specific reason and if so what a good one is[blink]
Be happy
Tell them for further investment purposes, shares, or improvements on your home (not too much here). If you tell them property, they will want to see a contract of sale (you could get any old COS and present it to them if it comes to that).
Terryw
Discover Home Loans
Parramatta
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As Terry stated “Future Investment is always a good one.
Alternatively if it is a LOC to 90% then there will be no purpose yet just getting your affiars in order ready to strike when an opportunity arises.
If they cause you problems switch lenders.
Richard Taylor
Residential & Commercial Finance Broker
**Lodoc Commercial loans from 7.39%**
Licensed Financial Planner
Ph: 07 3720 1888
[email protected]Richard Taylor | Australia's leading private lender
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