SearchChange in circumstances
Michael asks:
(updated on Tuesday, May 09th 2017)
I own a house with 67% LVR and a mixture of fixed term and floating loans. I am moving overseas for two to five years and have just rented my house. Do I need to tell my bank about the change in my circumstances? Will it affect my ability to borrow or restructure my loan in the future?
Our Experts Answer:
As long as you pay your mortgage you should be fine. Borrowing might be more difficult once you are overseas with banks having become a lot more reluctant to lend to offshore borrowers in the last 12 months. Who you are with may also have an affect as some banks shave a large margin off to allow for exchange rate risk as well.
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