Looking to Refinance Mortgage with Cash-out Refinance

Hi there,

I'm moving into our newly constructed home next week, and will be in a position to refinance as of then also. I am currently with a large credit union on a 2.49% construction loan IO for now, which will revert to P&I for about 600k.

I've contacted a few of the banks, namely the greater, Newcastle perm, bank, tictoc to name a few, and they all have a $100k limit on cash-out refinance? Does anyone know of banks who will lend more, if I can prove the cash out is to cover costs associated with the house (driveway, shed, fencing, landscaping etc..) This has all been paid for with my savings and I was hoping to refinance and get that money back to leave in an offset. Any thoughts would be great, thanks.


  • Macquarie Bank

    • Talking with them this afternoon

  • +1

    Couple options:
    Max limit on cash is pretty standard I believe but that's only for unverified funds. Eg. if $50k is going direct to someone doing a deck then the bank could verify that portion and pay them direct then get the rest as cash up to the limit.

    The easier option would be for the builder to do a variation and then just get that back in cash from them. Sounds like it might be too late for that option though.

    Alternatively can you try to borrow a bit more from the current lender now and then top up when you refinance? Eg. if you need $150k, ask for $75k from the current lender then another $75k from the next lender.

    • The easier option would be for the builder to do a variation and then just get that back in cash from them.

      This is about the last thing I would be doing.

    • That's a great idea too! Thanks!

  • A few places do unlimited cashout up to 80% LVR with stat decs. Each lender has their own policy / wording. If you turn on your PMs I can send you a summary of all lender's policies so you can go through them yourself

    • Thanks mate, PM is on now. Sounds like an interesting read!

  • Most banks have a limit of $100k cashout without questions for the purpose.

    They can however, give out more if you show what the purpose of the loan is. It is also possible that they may not directly give out that money to you but it would work something like how your construction loan does.

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