How soon can anyone take out equity on property they previously purchased?
There is no time limit at all however you are limited by the valuation.
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If you were to buy something and then pre-settlement have managed to add immediate value then nothing to stop you accessing the equity straight away.Course this may vary from lender to lender
Richard Taylor | Australia's leading private lender
Depends if you mean you are relying on an increase in value or if you borrowed a low amount and wish to access equity based on purchase price. For the first one it is usually 3 months if LMI are involved unless you can justify why the place has increased in value (eg you may have renovated). If not LMI then usually anytime. , for the second one it is usually anytime.
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
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