Browse Forums Home Finance 1 Feb 10, 2012 9:23 pm Our bank has just put up their interest rates. We had talked about going elsewhere already, but now we really want to go! We did a home loan health check a while back and even after all the discounts we had we still would have saved going elsewhere but because of the building work coming up we couldn't move everything right then. Now we have half our mortgage fixed and half variable. They are completely different loans but with the one bank. The fixed doesn't end for another 18 months or so. Can we take our variable elsewhere now and move our fixed when it expires? Re: Can you have a house mortgaged through two different ban 2Feb 11, 2012 7:00 am No! because the bank has the deeds to your house as collateral. If another bank gave you money and you defaulted you'd they'd have no way of getting their money back. Sorry but you'll have to either pay the exit fees on the fixed one or wait until it ends. Re: Can you have a house mortgaged through two different ban 3Feb 11, 2012 8:01 am Or if one of the lenders was prepared to go 2nd Mortgagee ? (Do they still have them these days ? ). You use to need authority from the 1st Mortgagee to get a 2nd, and a lender who was prepared to go 2nd. Quite complicated and not easy, if possible at all, to arrange. Can you have a house mortgaged through two different banks? 4Feb 11, 2012 8:49 am jj1 Or if one of the lenders was prepared to go 2nd Mortgagee ? (Do they still have them these days ? ). You use to need authority from the 1st Mortgagee to get a 2nd, and a lender who was prepared to go 2nd. Quite complicated and not easy, if possible at all, to arrange. Yep as they said ... we did it when we had a Defence Loan as at the time the max you could borrow was $80k, so we had a second mortgage for the balance with another lender. Took around a month for first lender to grant the 2nd mortgage. --------------------- Sent from my mobile device so please excuse my typing missed cakes. ~ trying to build our dream home by the sea ~ Re: Can you have a house mortgaged through two different ban 5Feb 11, 2012 11:17 am Depending on who's your lender. Ie if your with St George bank, then westpac will allow for 2nd mortgage. Another banks 2nd mortgage is still around, but def not easy to obtain + it's not suited to what you want to achieve, as 2nd mortgage is not cheap ie you can't apply for a 2nd mortgage at the discounted bank rates of 6.30% that you see around, it's more like 6.8%+ Michael Chan | Australia wide Mortgage Broker Michael@ShapeHomeLoans.com.au | 1300 74 5626 | Fax: 02 8212 8909 http://www.ShapeHomeLoans.com.au The price you're seeing for a high-spec 2-storey home in Perth sounds steep, but unfortunately, it's kind of the norm these… 8 7982 "is it exempt or do I need to get permission from council" Call your Council and ask them 1 1576 yep you need a joint, foam is easiest, will look fine once rendered with a joint. 2 5236 |