My old broker set my two existing loans as crossed .
After a lot of reading on here I realize this is not the correct way to do business .I just spoke to another broker who tells me it is rather easy to uncross and is basically an internal refinance
and should only cost a couple of hundred dollars .
She also said that because of the cross I only payed a few more thousand dollars on LMISo my question is before I go forth with this is
is it really this simple ?
How much does it usually cost ?
How long does it usually take ?
how will my online banking change after the refinance?In a nutshell, its basically setting it up as having the following:
Loan 1 for Property A (Property A as security to Loan 1)
Loan 2 for Property B (Property B as security to Loan 2)
Linking an offset account to the non tax deductible debt is a must. Regarding the costings for these, it depends on a few things so best to give us more details so we can help you out even further.
They will probably set you up with two online banking login but if its with the same lender, you can probably ask them to get them all under one login account for ease of access.
PHP | Mortgage Station Pty Ltd
http://www.mortgagestation.com.au
Email Me | Phone MeGive us a call or send us an email for a free residex report.
Yeah it’s not usually difficult to uncross.
However – if there’s LMI involved it can become tricky.
It basically involves putting up two applications – but having said that, you want to make sure it’s uncrossed correctly.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
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