Increasing current Home Loan with Westpac

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Forums › Finance and wealth management › Increasing current Home Loan with Westpac

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sidders80

755 posts

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#1630946 15-Sep-2016 14:12

BTR:

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......

Sorry my bad. So we are both on the same page then. Cheers my friend

Sid

eracode

Smpl Mnmlst
8868 posts

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#1630962 15-Sep-2016 14:29

sidders80:

BTR:

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......

Sorry my bad. So we are both on the same page then. Cheers my friend

Sorry, I don't follow this - have I missed something?

A further loan from the same bank can be a separate loan and doesn't necessitate breaking the fixed rate on an existing loan. It may or may not require a new loan document - depending on the nature of the existing loan - and certainly doesn't involve a 'second mortgage' (would only arise if you're dealing with a different lender).

Sometimes I just sit and think. Other times I just sit.

sidders80

755 posts

Ultimate Geek

Trusted

#1630964 15-Sep-2016 14:31

eracode:

sidders80:

BTR:

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......

Sorry my bad. So we are both on the same page then. Cheers my friend

Sorry, I don't follow this - have I missed something?

A further loan from the same bank can be a separate loan and doesn't necessitate breaking the fixed rate on an existing loan. It may or may not require a new loan document - depending on the nature of the existing loan - and certainly doesn't involve a 'second mortgage' (would only arise if you're dealing with a different lender).

It will be a new loan separate from the existing loan and would be a new loan document. A second mortgage referred to here is second loan not a second mortgage registered on the title

Sid

eracode

Smpl Mnmlst
8868 posts

Uber Geek

ID Verified

Trusted

Subscriber

#1630977 15-Sep-2016 14:37

sidders80:

eracode:

sidders80:

BTR:

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......

Sorry my bad. So we are both on the same page then. Cheers my friend

Sorry, I don't follow this - have I missed something?

A further loan from the same bank can be a separate loan and doesn't necessitate breaking the fixed rate on an existing loan. It may or may not require a new loan document - depending on the nature of the existing loan - and certainly doesn't involve a 'second mortgage' (would only arise if you're dealing with a different lender).

It will be a new loan separate from the existing loan and would be a new loan document. A second mortgage referred to here is second loan not a second mortgage registered on the title

Ah - @BTR said 'second mortgage' but actually meant 'second loan' or 'second loan agreement'.

Sometimes I just sit and think. Other times I just sit.

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