It’s not always as easy or as straight forward as many people think, to take cash out of your home, or investment property. Even after qualifying through sufficient income and equity, you may still find that your bank could place limitations on your access to and use of the funds.
This varies from lender to lender, and can vary depending on the purpose of your cash out. In some instances, the bank may wish to control the funds, while other banks will not place this limitation.
Even when requiring cash from your mortgage for something as simple as constructing a granny flat, some lenders will require a building contract and payments to be made progressively, while other banks do not.
Some lenders will allow cash out for business purposes at residential rates, yet others will insist that you pay a higher business loan premium.
If you would like cash out of your property in a way that suits you, with minimal control or extra fees from your bank, speak to us at Bee Finance Savvy on 1300 140 554 or firstname.lastname@example.org
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