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Wannabe Geek


Topic # 202015 13-Sep-2016 20:04
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Anyone here had an exisiting home loan with Westpac and increased it?

On their website they dont point you to any forms to complete, just 'call them' they say.

I just want to know exactly what did you have to provide to increase it?

I have 59% capital in my home, so have plenty collateral, but just really want to know what they will ask from me.

Thanks!

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  Reply # 1628925 13-Sep-2016 21:04
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Way back in the day. They will want to know what you want. And your payslip to see that you can afford it. They take your pay, deduct a set "living allowance" less known bills such as other loans, to make sure you can pay the increased amount. Then you rock on in, sign 27 signatures and next day your loan is in your account. Short story is if you have equity they are in effect loaning you "your" money. If you can afford it, its straight forward. Aston Martin DB11? 




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Wannabe Geek


  Reply # 1628928 13-Sep-2016 21:11
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Was wondering as I would be increasing a Home Loan that they will require papers to be sent to a solicitor all over again etc......


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  Reply # 1628930 13-Sep-2016 21:13
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NicolaNZ:

Was wondering as I would be increasing a Home Loan that they will require papers to be sent to a solicitor all over again etc......



No if if its just a simple top up and no independent or professional trustees are involved. They already have security with them. I work with another bank in the lending space too so it should be a straight forward transaction




Sid

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  Reply # 1628935 13-Sep-2016 21:21
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sidders80:
NicolaNZ:

 

Was wondering as I would be increasing a Home Loan that they will require papers to be sent to a solicitor all over again etc......

 



No if if its just a simple top up and no independent or professional trustees are involved. They already have security with them. I work with another bank in the lending space too so it should be a straight forward transaction

 

As Sid says you already have equity




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Wannabe Geek


  Reply # 1628945 13-Sep-2016 21:35
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Thanks guys! Seems like a simple process. Great.


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  Reply # 1630685 15-Sep-2016 09:35
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I rang our loan manager. He went off to check, rang back to say the new forms were ready at the local branch and we went off and signed them.

 

 

 

fairly easy.

 

But don't do it just to fund toys, holidays or unnecessary things.

 

 


BTR

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  Reply # 1630697 15-Sep-2016 09:46
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Its a very simple process have just done this with Kiwibank, no lawyers needed, they simply asked how much I wanted to borrow and then got a valuation from QV which they paid for and confirmed I had full insurance. 

 

 

 

One thing to bear in mind is if you are in a fixed term they would need to break this term which would cost you otherwise you could have it setup as a second mortgage. PM me if you would like to discuss privately.

 

 

 

 


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  Reply # 1630701 15-Sep-2016 09:49
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BTR:

 

Its a very simple process have just done this with Kiwibank, no lawyers needed, they simply asked how much I wanted to borrow and then got a valuation from QV which they paid for and confirmed I had full insurance. 

 

 

 

One thing to bear in mind is if you are in a fixed term they would need to break this term which would cost you otherwise you could have it setup as a second mortgage. PM me if you would like to discuss privately.

 

 

 

 

 

 

 

 

No they don't. If you are doing a top up it can be a second loan and doesn't need to be combined with the fist loan. It just means two repayments but avoids the break costs as you said. The OP is doing a top up with their existing bank. 





Sid

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  Reply # 1630749 15-Sep-2016 10:24
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Interesting, I have just been through this process with Kiwibank and I had to tell them what the increase was for and they wanted some sort of proof, for things like renovations they would want to see council permits etc. Equity wasn't an issue, but I was asking for approx. 200K so maybe it is dependant on the amount being asked for.


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  Reply # 1630751 15-Sep-2016 10:32
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xontech:

 

Interesting, I have just been through this process with Kiwibank and I had to tell them what the increase was for and they wanted some sort of proof, for things like renovations they would want to see council permits etc. Equity wasn't an issue, but I was asking for approx. 200K so maybe it is dependant on the amount being asked for.

 

 

 

 

and the purpose too as we at banks have to make sure it is being used for the purpose stated. This isn't doubting the customer but need to be compliant as a bank too. 





Sid

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  Reply # 1630830 15-Sep-2016 12:21
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Interesting topic. Earlier in the year I got a top up loan of only $15k for some building work and had to give proof of invoices with the bank. Incidentally they waived a portion of this as I was doing some of the work myself and couldn't provide invoices for items that were going to be used by me.

 

I am now interested to extend our original loan as our CC got a bit worked over to properly complete the work (never underestimate building costs *sigh*). I have no idea if a bank would be OK with loaning a small amount to clear a CC that they'd be getting higher interest rates on, but we'll be discussing that with the bank in the coming weeks.


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  Reply # 1630863 15-Sep-2016 12:48
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Disrespective:

Interesting topic. Earlier in the year I got a top up loan of only $15k for some building work and had to give proof of invoices with the bank. Incidentally they waived a portion of this as I was doing some of the work myself and couldn't provide invoices for items that were going to be used by me.


I am now interested to extend our original loan as our CC got a bit worked over to properly complete the work (never underestimate building costs *sigh*). I have no idea if a bank would be OK with loaning a small amount to clear a CC that they'd be getting higher interest rates on, but we'll be discussing that with the bank in the coming weeks.



Talk to your bank about debt consolidation




Sid

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  Reply # 1630870 15-Sep-2016 12:59
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Disrespective:

 

Interesting topic. Earlier in the year I got a top up loan of only $15k for some building work and had to give proof of invoices with the bank. Incidentally they waived a portion of this as I was doing some of the work myself and couldn't provide invoices for items that were going to be used by me.

 

I am now interested to extend our original loan as our CC got a bit worked over to properly complete the work (never underestimate building costs *sigh*). I have no idea if a bank would be OK with loaning a small amount to clear a CC that they'd be getting higher interest rates on, but we'll be discussing that with the bank in the coming weeks.

 

 

 

 

We have just done exactly this, bank had no issues, now paying 4.89% over 5 years  as opposed to 20.95% on the CC


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  Reply # 1630888 15-Sep-2016 13:16
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razor2000nz: 

 

We have just done exactly this, bank had no issues, now paying 4.89% over 5 years  as opposed to 20.95% on the CC

 

 

Banks love moving money from CCs to loans. The get to make money lending to you as opposed to the CC making money.
You also win with a cheaper loan rate.

 

 


BTR

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  Reply # 1630935 15-Sep-2016 14:09
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sidders80:

 

BTR:

 

Its a very simple process have just done this with Kiwibank, no lawyers needed, they simply asked how much I wanted to borrow and then got a valuation from QV which they paid for and confirmed I had full insurance. 

 

 

 

One thing to bear in mind is if you are in a fixed term they would need to break this term which would cost you otherwise you could have it setup as a second mortgage. PM me if you would like to discuss privately.

 

 

 

 

 

 

 

 

No they don't. If you are doing a top up it can be a second loan and doesn't need to be combined with the fist loan. It just means two repayments but avoids the break costs as you said. The OP is doing a top up with their existing bank. 

 

 

 

 

You didn't fully read what I wrote did you......


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