Just came across this thread on Whirlpool.
https://forums.whirlpool.net.au/thread/988ly85j
I am surprised the banks are not questioning this person though he is using 2 properties. How many refinances in reality are possible per year?
How many refinances in a year are possible?
Ash-Say on 24/01/2022 - 13:16
Comments
Three or four, thanks for asking ozbargain
A friend has Primary Property / Owner Occupier mortgages on 3 properties but rents 2 of them out. Banks don't care as long as the money keeps coming, or at least they would rather not know.
You are right. I know someone who has an Owner Occupier on both investment properties, they got it via a mortgage broker. When I mentioned it to a bank lending manager, they said they don’t really look into how the property is being used but people “should” apply for the correct product. Basically, as long as they are making money, they don’t care.
3-4 per year is easily achievable, 5 if you pushed it
You are believing some oxygen thief on whirlpool, the only forum where every person earns on average more than 180k
move along, its the internet anyone can lie
The limits are really the number of properties you own (fixed terms tend to be more favorable so refinancing same property in a year is uncommon) and your borrowing capacity (bank-assessed).
I've also heard of a $2mil borrowing ceiling but not sure if this actually exists.
How many cashback offers do you want? I guess as many as you want, so long as you can keep up with the paperwork and phone calls etc
My understanding is, home loan applications can create hard pull enquiries on your credit rating and may actually affect your score.
Home loan enquires are generally viewed as a positive (or not as bad as a personal loan or payday lender enquiry), so if anything, score would increase
As many as banks allow.