Browse Forums Home Finance 1 Nov 03, 2010 8:11 pm Hi all! I have been in my place nearly 18 months now, and I think it has enough equity to pay off my hefty credit card debt and put it on the home loan. I have enquiried with my lender and they have sent me all the paperwork to 'vary' the loan. It requires a new valuation. My question is, the variation paperwork is just like the original loan application and is about 15 pages. Do I have to go through all the loan process again? Do they restart the loan from scratch? Thanks Jay Blog: http://house.jay.net.au/ Re: Loan Variation 3Nov 11, 2010 6:11 pm If you want to save time ask them to order the valuation up front. That is what kills most loan increase applications, as even if your property has gone up the bank valuer may have their own opinion. Once you know the valuation is good then you can go to the trouble of getting those extra docs. Re: Loan Variation 4Nov 16, 2010 1:34 pm Will be interesting to see the valuation results, because they're coming in quite low at the moment throughout Perth The biggest challenge will be if you take out a loan and then run out of money - you'll have an incomplete security and lenders do not like this so you can get stuck.… 2 19068 I work with owner, he/she is my man on the ground and I instruct them when to visit the site and take photos and I have other tools in the bag. 4 15244 Looking for advice on whether this variation in tile colour is acceptable. The large tile on the left was used in my main bathroom renovation 1 year ago. My ensuite… 0 8486 |