Mortgage rates for commercial property.

[JBmurc]

I assume the property you mortgaged was the res. one. That's common. The bank generally don't care what you want to do with the money - they are usually only interested in the security you offer. e.g. It's common for borrowers to mortgage their house to buy a new car, or a world trip. I'd be amazed if they gave you res. rates against a mtge on your commercial property.

Yes westpac did ..many don't these days ... they used my own debt free homes equity as security and in turn give me RES rates ... I could understand it may have changed as I got the loan back in 2017 ...and have just continued to roll it over each re-finance so its not really brought up for review being P.I

..Certainly under labour Govt they put pressure on the banks with the likes of Interest only(I.O) lending ... my other loan is funding small percent of my trading companies capital base mostly shares in the ASX ... for over a decade I only had it as I.O recently I was forced to make it P.I ...I could pay it off at any stage just by selling a few shares but the A-hole socialist govt thinks its better if I pay off some principal every month .. I also get this company loan at RES rates

both loans interest of course are TAX write-offs unlike if my debt was personally held etc >>>