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help with understanding the process of taking out a loan on my current house to buy a second house

Posted by bob66 bob66
Message 1 of 2 655 Views

hi

i would like to know the complete process of taking out a loan on my current house to buy a second house.

what is the complete process if i wanted to borrow 800,000 and i have no deposit. I have asked this question from a broker and i wasent too sure if the answer they gave me was %100 honest or correct. 

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Re: help with understanding the process of taking out a loan on my current house to buy a second hou

Posted by LyndsC LyndsC
Message 2 of 2 648 Views

We'd be happy to help you out with this @bob66, I'll give you an overview here and I'm happy to then answer some more questions from you but it'd then be best to speak with one of our Home Loan Specialists to get into more detail and discuss your specific situation.

It's possible for you to use the equity in your current property to buy a new property with no cash deposit by using your existing property and possibly also the new property as security for the new loan. This depends on the equity available in your current property.

If one property is an investment, you'll need to consider the maximum Bankwest will lend you based on the total value of the property(ies).

Does this help get you started or is there some more detail you'd like from me?

 

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