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No - there's no difference when it comes to repayment types.
At 80% - most lenders are ok with releasing equity providing the purpose is reasonable.
Cheers
Jamie
Do they need proof of the purpose?
Do they need proof of the purpose?
Depends on the lender and specifics of the deal. Plenty of lenders are very easy to deal with at 80%. Others ask more questions.
If credit scoring lender and high risk assessment comes through, then evidence may be required.
Are you referring to a specific bank? ANZ are very good in this space at 80+ (or were last month, i haven't submitted a deal like this since changes have been happening).
Cheers,
Redom
it would be through suncorp bank are they ok to deal with?
ok cool i'll most likely go with cba then, random question say u buy a house for 200k a house next door sold a week ago for 245k very similar properties land/bed size. how easy with a 80% variable lend would it be to extract some equity from your house? could u value shop? or would u have to wait at least 3 months before possible?
ok cool i'll most likely go with cba then, random question say u buy a house for 200k a house next door sold a week ago for 245k very similar properties land/bed size. how easy with a 80% variable lend would it be to extract some equity from your house? could u value shop? or would u have to wait at least 3 months before possible?
I purchased at an 80% lend with St George
The dragon can be ok with equity releases at 90% - largely depends on how the assessor is feeling on the day
Get an upfront valuation done before committing to an application.
Cheers
Jamie
Thanks Jamie, I would still want to keep it at 80% just take off the recent gains
I have an interest only loan with Westpac at 80%.
In this new lending environment, what's the max that I would be able to extract?
I have a small amount of savings but would be looking to dip into my initial 20% deposit I put in so I can purchase another property.
Thanks,
Taku
90% possibly, subject to serviceability