Need Assistance with Home Loan and Pre-Approval

Ash-Say on 14/06/2016 - 14:56
Last edited 14/06/2016 - 14:56

I need some advice on my investment home loan. I am planning to top up my existing ANZ home loan by $57k based on the equity and then I would get a separate $330k loan with CBA to purchase investment property.

1) Can I claim interest on both $57k and new loan with CBA?
2) I would provide all financial supporting documents beforehand to ensure there are no surprises during settlement. However, I want to get feedback of existing CBA borrowers about CBA pre-approval and if they faced any difficulty.
3) Is CBA generally good with valuation? I won’t have any additional funds to top up.
4) Is there anything special that I should keep in mind for this loan?

Thanks in advance!

Financial

Comments

  • sweefu on 14/06/2016 - 15:50
    1. Generally yes, but speak with your accountant to ensure the structure you have is correct. Also ensure the additional funds are added via a new loan split.
    2. CBA credit endorsed pre approval is as good as any preapproval. You will probably need to show further proof of income to settle. (depending on time passed)
    3. Most banks are the same with valuations, that said CBA will let most brokers pre order vals so you know where it's at before lodgement
  • CheapskateQueen on 14/06/2016 - 20:32

    Just make sure the 57k you pull out on your home loan is in its own separate account. I.e separate split.

    If you just draw the money from the one account you're going to have a lifetime of pain apportioning each repayment you make between the home loan and the 57k,as well as the interest payments.

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