Loans

[#1]

I'm trying to find out if our Premium Select Home Loan is "Portable".   As in, if we sell our current property and buy another, can we transfer the mortgage from our current property to the new one. 

I've been advised previously that this can happen so we don't have to pay-out the current mortgage and re-apply for a new loan.  The following requirements/limitations have to be met:

- we can't increase the loan limit amount of our current mortgage (We don't need  or want to)

- the settlement of both the sale of our current homw and purchase of the new have to be on the same day (already arranged)

- the LVR requirements  have to be met.  (We more than meet this requirement - the mortage limit we'd need toretain is less than 25 % of our current mortgage

- there may be a charget do this.

I can't see a reference to mortgage loan portability on the BankWest site but various mortgage brokers list this as  feature of the loan.  Can someone please clarify.

[#2 · Accepted solution]

Hey @LouS, thanks for getting in touch.

Whilst this is something that is possible, you will need to speak with our Securities Team. If you could pop me through an email to Forum@Bankwest.com.au with your full name, best contact number and a brief outline as to what it is you're needing to do (much like you have above) I'll get this through to the team and have them contact you.

Thanks!

[#3 · Accepted solution]

Hi DanaeC

Thank you for helping.

Also, I found the people at Bank West very co-operative and helpful and willing to provide clear guidance. - so thank you for that.

With us, we are able to "port" our Premium Select Home Loan. We were/are able to meet the conditions/time lines/requirements etc. 

1. Enough time for the bank to get things processed (at least 6 weeks).

2. Both settlements are on the same day

3. Both properties in the same State  .

4. Mortgage limit on our current home is the same or less  - ie that the amount of the mortgage does not increase

5. The LVR conditions for the current home (at this point in time) and the new home are complied with.

6. Valuation of the new home is OK

7. Ensure that the conveyancer(s) or solicitors are involved

8. The bank needs a number of documents  - eg - contracts for the sale and purchase, certs of title etc etc

9. There are forms to fil out (eg proof of identity, mortgage release and other info)

10. We have to allow around $1000 for costs to cover things like - Portability costs, - Registration of new mortgage, - Solicitors costs including preparation of new mortgages / discharge of existing mortgage - settlement discharge of existing mortgage - Search fees.

Hope this provides useful information for others looking into porting their home loan.

Overall, this is easier than having to re-apply for a new loan and all the associated hoops you have to jump through.

[#4]

Glad we were able to help out @LouS, have a great day and thanks for banking with us!