We did this last year to do some renovations. We borrowed an extra $20k, but the minimum was $5k. We just had to show them our income statements for the past month, but they didn't do any checks. It helped us tremendously.
Thanks all, I'm so glad I asked as I know absolutely nothing about this sort of thing. Neither of us are working, DH is studying, don't know if this would impact us at all. What happens with the Title, would we hand it in?
If neither of you are working you will struggle to get a loan, even with your house as equity. Banks have tightened up their lending criteria since the GFC and proof of income is generally needed, hence why we struggled (self employed without 3 years accounts). You will need to prove you own your house and yes, you will need to hand the title deeds in which will be held in security until the loan is paid off in full. When you phone the bank ensure you have full details of your income (be it from centrelink, interest from savings, etc) as they will need to know everything to access your ability to repay the loan.
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