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  • Profile photo of karlm63karlm63
    Participant
    @karlm63
    Join Date: 2005
    Post Count: 68
    February 20, 2010 - 11:39 pm

    Hi everyone,
    Deb and I are just about to off load our I/P
    We have one of those St George LOC portfolio Home loans
    My question is when or if we off load this property or any other property what will happen with the $142000 LOC, will the bank close the sub account.
    I am not sure how this will turn out !!
    Please help

    Thanks Deb and karlm

    Profile photo of Richard TaylorRichard Taylor
    Participant
    @qlds007
    Join Date: 2003
    Post Count: 12,024
    February 21, 2010 - 1:56 am

    Yes the loan will be closed on settlement of the property.

    Richard Taylor | Australia's leading private lender

    Profile photo of TerrywTerryw
    Participant
    @terryw
    Join Date: 2001
    Post Count: 16,213
    February 22, 2010 - 1:06 am

    However, It may be kept open if you have enough security in another property.

    Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
    http://www.Structuring.com.au
    Email Me

    Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au

Viewing 3 posts - 1 through 3 (of 3 total)

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