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Finance

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  1. #1
    Apprentice (new member)
    Join Date
    Apr 2020
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    Melbourne
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    12

    Default Finance

    Not a quote thread but here goes.

    Ubank won't give me an equity loan on anything thats structural or requires council approval.
    Want to do a renovation to improve my IP.
    Any ideas.

    Cheers.
    RF

  2. #2
    3K Club Member johnc's Avatar
    Join Date
    Jul 2004
    Location
    Sale
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    65
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    3,859

    Default

    Are you doing an owner builder reno that does require permits?

    Some banks will advance loans on the basis of total equity, however you have to cover the hurdle of how much the bank thinks you can spare for repayments. A loan based on improvements is something the bank has no security over unless they hold the first mortgage and second mortgages will usually be at a higher interest rate or just to much risk for the bank. May well be you should engage a builder, could be the only option

  3. #3
    Apprentice (new member)
    Join Date
    Apr 2020
    Location
    Melbourne
    Posts
    12

    Default

    They didn't mention owner builder. I just assumed they knew I would use a registered builder.
    They hold the mortgage.
    I think it might be a Ubank thing.
    Ta.

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