Loan Portability
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Loan portability is where the loan facility allows for the existing security property to be replaced by another security property without having to refinance or payout the loan.
What do people do when they sell their existing property and buy another property? Well, many of them pay off their existing loan and then get another loan. This may not be the most cost effective way of doing things, as there may be all sorts of charges to be paid when moving from one loan to another. For example, discharge costs associated with paying out the old loan, establishment costs, and other costs associated with establishing a new loan.
Loan Portability does away with a lot of these costs and allows the borrower to substitute a new property as security in place of their existing property, and still maintain the existing loan facility. In other words the loan can be “moved” from one property to another.
Some Pros
-Portability may saves on costs if a borrower is intending to not remain in the existing property for a long time.
Some Cons
-Portability may be a wasted cost if a borrower intends to stay in the same property for a long time.
What do people do when they sell their existing property and buy another property? Well, many of them pay off their existing loan and then get another loan. This may not be the most cost effective way of doing things, as there may be all sorts of charges to be paid when moving from one loan to another. For example, discharge costs associated with paying out the old loan, establishment costs, and other costs associated with establishing a new loan.
Loan Portability does away with a lot of these costs and allows the borrower to substitute a new property as security in place of their existing property, and still maintain the existing loan facility. In other words the loan can be “moved” from one property to another.
Some Pros
-Portability may saves on costs if a borrower is intending to not remain in the existing property for a long time.
Some Cons
-Portability may be a wasted cost if a borrower intends to stay in the same property for a long time.
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RESOURCES
I NEED A HOME LOAN
- Make an appointment
- Apply Now!
- Free mortgage check
-'Home loan symptoms'
- Loan pre-approval
- Home loan calculator
ARE YOU -
- A First time home buyer
- Need loan pre-approval
- Refinancing
- Buying your next home
- Investing in Property
- Using Equity in a home
- Self Employed
- Credit impaired
TYPES OF HOME LOANS
- Standard variable loans
- Basic variable loans
- Fixed interest loans
- Low Doc loans
- No Doc loans
- No deposit loans
- Credit impaired loans
- Investment loans
- Split rate loans
- Redraw
- Honeymoon loans
- Line of credit loans
- Debt consolidation loans
- Loan portability
- First home buyer loans
- All in one loans
- Line of credit loans
- Renovation loans
- Bridging loans
- Reverse mortgage loans
- Offset loans
- Construction loans
ABOUT US
- About us
- Why use us
- Privacy
- Terms of Use
CONTACT US
- Contact us
- Request an appointment
FAQ's
MY CREDIT RECORD
SITE MAP
WHERE WE OPERATE
- Sydney Upper North Shore
- Sydney Lower North Shore
- Sydney Northern Beaches
- Western Suburbs
- Sydney Hills District
- Eastern Suburbs
- Sydney Inner West
- Sydney CBD
RESOURCES
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Use of the information on this page and on this website is subject to the Terms of Use & Disclaimer which can be read by clicking here on Terms of Use and Disclaimer. Our Privacy Policy can be viewed by clicking here on Privacy Policy.
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