Today i had my price agreed to on purchasing first ip .The house is on 3500m2 and can be a 1 into 4 reconfiguration.
With speaking to my broker i was advised not to disclose my intention to bank about reconfiguration .if i was to fund monies myself for costs of reconfiguration how does the bank look apon this in regards to the finance on property.
Thanks Dave
I guess disclosure is upto you and I wont comment on that but in saying that i hate to say you wont be able to get separate Title to the properties without the mortgagee consent so long and short of it is they will find out.
They will then want to value the remaining security and if they consider there to be a drop in value will either want additional security or you to pay down the debt to retain the lvr in line with their lending policy.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
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