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Servicing Mortgage Question

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  • Servicing Mortgage Question

    Hi Guys

    I have an older friend who is looking to do some improvements to her house and wanted to get our some extra money from her mortgage through the bank, question is will they approve her 'income" for the servicing side?

    She is currently on the sickness benefit due to to an injury and is unable to work. Has very little left on her mortgage and I think 3-4 years before it is paid off. She will also be on the Superannuation in 2 years time also.

    She is staying with her kids so very little expenses each week and they help cover he bills etc.

    Now with regards to wanting to top up her loan, do you know if the bank will approve of the money coming in each week as acceptable income for servicing?

    Thanks

  • #2
    the best bet is to ask the bank or a mortgage broker.

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    • #3
      As above, any bank will need to see a full application to assess. They do vary however and if they say No there are alternatives.
      www.ilender.co.nz
      Financial Paramedics

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