Guidance about top up - Existing Fixed Loan 2 years

LCuriouscat on 02/07/2017 - 15:12
Last edited 02/07/2017 - 15:13

Hi Guy's,

Need some expert advice, we have got a home loan and it's been around 7 months.

The valuation of house has quite a bit increased we live in Plumpton, Vic our bank is quite oblivious to the fact that value of house has increased. CBA has valued house at 70k more than the first valuation when we took out loan and can get around 55k as top up.

There are no issues for servicing the loan, fixing the loan was a bad idea I know but is there any way we can get a second mortgage on our fixed home loan !?

If someone can please guide.

Cheers,

Financial

Comments

  • mskeggs on 02/07/2017 - 15:45

    Why are you after increased borrowings?

    • Curiouscat on 02/07/2017 - 15:50

      We are looking to buy a cafe need around $50k as my contribution and rest financed .

  • x0b0k7x on 02/07/2017 - 16:20

    You can apply a supplementary loan, additional loan still using the house as security, interest being the same as the h/l rates <5. Then after your fixed period, just combine it back.

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