Bankwest Forum

Ask a new question
New Member

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 2,862 Views


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. 

0 Kudos

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 2,855 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?


Was this helpful? Then give it 'Kudos'!

If your question was answered, select 'Accept as Solution' to make it easier for others to find.

Ask a new question
Top kudoed contributors

Bankwest SWIFT code: BKWAAU6P
© 2019 Copyright Bankwest, a division of Commonwealth Bank of Australia (Bankwest) ABN 48 123 123 124 AFSL / Australian credit licence 234945. All rights reserved. To use this Website, you are required to read the Financial Services Guide (which you agree to be provided by accessing the link). Bankwest is a division of Commonwealth Bank of Australia, which is the product issuer unless otherwise stated. Rates stated are subject to change without notice. Any advice given does not take into account your objectives, financial situation or needs so please consider whether it is appropriate for you. For deposit and payment products, please ensure you read and consider the Product Disclosure Statement (which you agree to be provided through this link) before making any decision about the product(s). For lending products, lending criteria and fees and charges apply. Terms and conditions apply and are available on request.