Browse Forums Home Finance 1 Sep 14, 2009 8:09 pm Well we just got advised today that my guarantor (parents) house is listed as a second security on their holiday home's mortgage. So they have to request their bank do a "partial discharge" to remove their house as a security from the holiday home mortgage ... so we can use it as a security on our home! My question would be - anybody know what the bank would require to do this? I presume their holiday home market value would need to exceed the amount they currently owe on its mortgage... but I'm wondering by how much? Re: Partial discharge on guarantor's property? 2Sep 14, 2009 8:39 pm Hi there, The loan amount needs to be at a level that it would not require any LMI (usually 80%) to the homes value. The bank may do a valuation (some charge) but can initially go by a rates notice. Every bank has different rules and fees. Re: Partial discharge on guarantor's property? 3Sep 14, 2009 8:50 pm Hmmm the broker said they would'nt need to refinance just to do a partial discharge / remove a property as a security... geeze I hope this is true, or else I'm screwed! Re: Partial discharge on guarantor's property? 4Sep 14, 2009 8:53 pm There is no refinance just a change of securities (houses) and values for the loan...no new loans needed...so don't panic Re: Partial discharge on guarantor's property? 5Sep 14, 2009 8:56 pm thanks for your info, appreciated. Building Standards; Getting It Right! Hi All, We have a fall from road to garage front. But we cannot put a drain/grate because no discharge point put by the builder. Now they complain not enough space for… 0 7678 0 4895 The estate Covenants (design requirements) must be included in the land contract. If you purchased a resale block then the vender is required to provide/include a copy… 2 9165 |