Browse Forums Home Finance 1 Sep 11, 2015 6:19 pm Just wondering if anyone has experience with this. Wife and I are looking at selling our place and settling on the same day for a property to knock down. Selling our place for 750 odd buying the knock down for 620, with mortgage of 550. Wondering if the bank will go for that substitution of security so we can get same day settlement. Bank needs to do a formal assessment before letting us know which makes putting an offer tricky. Re: Substitution of Security 2Sep 13, 2015 12:52 am Ask the bank? Most do it, it's called portability. It must meet lender policy though in terms of acceptable security, etc. In your case it seems LMI will be applicable so you might be asked to do a new application. You can also do a separate application for the new property with any other lender instead of security substitution with the same one if you wanted. Cheers Tom It seems very clear to me that your contract states that a security account does NOT need to be established so the answer to the builder is NO. If in doubt find a contract… 1 8501 It's all about wireless, self install now. The cost/benefit of wired setups for the house are no longer what they used to be. Lots of wireless options. Eufy, Arlo and… 2 9780 Hi When it rains in a particular direction water comes through the security door. It hits the main door and the bottom swells and jams. There is already a cover over the… 0 38439 |