Browse Forums Home Finance Re: Our mortgage is brand new - and we should've asked for m 2Oct 09, 2013 8:11 am http://camdenbuild.blogspot.com.au/ by invite only please pm me Re: Our mortgage is brand new - and we should've asked for m 14Dec 02, 2013 9:49 am A quick update just in case anyone in the same predicament reads through this thread later - we approached the bank again (via our mortgage broker) and they were more than happy to give us the extra dosh we needed. (In fact we ended up getting a little bit more than we originally wanted, because we figured if we didn't end up needing it, we could sink it back into our variable loan.) The bank didn't want to see the property again, nor were they interested in seeing quotes or contracts from our tradies as evidence that we were indeed putting the extra money towards improving the house. All they wanted to see were fresh payslips, which makes me think that all the bank cared about in our case was serviceability. The entire process - from when we first approached our broker to when the money showed up in our account - took one month, down to the day. Hope this will be of use to someone else in future! (PS: As for all the comments about the whole cross-collateral side of things - I think you've convinced me it wasn't the best way to go. Having said that, we have no need to free up capital now and it's not on the cards for the next few years, and we're so consumed right now with the stress of renovations that I'm happy to leave it be. Once we've fixed our house up and moved in, I'll reconsider our position.) 9 19187 Not back peddling at all. You seem to have issues with comprehension my friend. Guy fcked up, he's considering being dishonest with his bank and hiding it. It will end… 21 12571 Thank you. That is really helpful. Once we get the place done and passed for OC we can upgrade in the future once we get back on our feet and not paying mortgage and rent. 4 3995 |