Hi all
I am in thingking about refinancing.
Which bank offers line of credit loan(equity loan) wiht the feature of crating sub accounts(split feature)?
and what are the rate?thank you
A couple of lenders offer such a product and depending on the amount of the loan you should be paying around 5.25 – 5.45%.
Richard Taylor | Australia's leading private lender
St G has a really good LOC – but why do you need a LOC if you are refinancing? They can get you into a lot of trouble with claiming deductions.
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
One of the downsides with SGB and their Advantage Professional Package is it is a condition of the letter of offer that the loans be cross collateralised.
Secondly the Bank charge for everything so be wary.
I believe you could do better.
Richard Taylor | Australia's leading private lender
Qlds007 wrote:A couple of lenders offer such a product and depending on the amount of the loan you should be paying around 5.25 – 5.45%.so what are couple of lenders? SGB, wesptac,NAB????etc?
ThanksYes
Richard Taylor | Australia's leading private lender
hi, I am in the process of setting this up, basically I will use the equity in my home to take out a loan and lend it to my super fund.
I will also retain a small line of credit to put in wages and for any other expense that might come up, where some cash is needed.
The two can't be mixed together obviously, so CBA has agreed to do it this way.
I am happy, since borrowing in super is not so easy and full of obstacles.
I plan to reduce this debt fairly, to repeat the process. The interest costs will be reimbursed by super.
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