Hi all,
Hoping if someone can confirm if the following is true.
Broker is recommending me to go to NAB (lower rate), but I'm thinking of moving to CBA.
I mentioned to the broker that I would like to do the following (not necessarily right now, but maybe in a few months time).
For example, say my PPR was last valued at $1m. I have currently have a loan of $800k (80% LVR). Now its worth $1.2m. I want to do an equity release and obtain and equity loan of $160k. The equity loan is secured against the property.
Broker said this is not possible because CBA will NOT allow me to obtain a loan greater than $50k without a purpose. They will however allow it for a property purchase, but they must see a contract. However this is not possible given its about getting the equity ready so that when a property comes its, one is ready to move quickly. That said, he did say CBA will approve the loan, but not allow me to draw down on it until a contract is sighted and my financials at the time are re-assessed (which in my opinion is no different to pre-approval and really not worth didly squat).
St George did this for me without any questions, they gladly had the equity ready and i could draw down at any time.
I want to confirm is this true about CBA or is this broker really trying to push me towards NAB?
Hoping if someone can confirm if the following is true.
Broker is recommending me to go to NAB (lower rate), but I'm thinking of moving to CBA.
I mentioned to the broker that I would like to do the following (not necessarily right now, but maybe in a few months time).
For example, say my PPR was last valued at $1m. I have currently have a loan of $800k (80% LVR). Now its worth $1.2m. I want to do an equity release and obtain and equity loan of $160k. The equity loan is secured against the property.
Broker said this is not possible because CBA will NOT allow me to obtain a loan greater than $50k without a purpose. They will however allow it for a property purchase, but they must see a contract. However this is not possible given its about getting the equity ready so that when a property comes its, one is ready to move quickly. That said, he did say CBA will approve the loan, but not allow me to draw down on it until a contract is sighted and my financials at the time are re-assessed (which in my opinion is no different to pre-approval and really not worth didly squat).
St George did this for me without any questions, they gladly had the equity ready and i could draw down at any time.
I want to confirm is this true about CBA or is this broker really trying to push me towards NAB?