A substitution of security request is when you change the security property that secures your home loan, it usually happens when you buy and sell a property at the same time. Once your request is approved, we’ll release your current property security, and replace it with a new one.
Things to keep in mind before substituting your home loan security:
- Substitution of security request is subject to a credit assessment.
- Settlement of both properties must occur on the same day.
- Your home loan account numbers will stay the same after settlement occurs
- Depending on your situation, the balances and/or limits on your home loan accounts may change.
- Your home loan facility limit can’t be increased as part of your substitution of security request. If you are wanting an increase, for more information see Borrow more money on your home loan
- You’ll need to allow up to 28 days for the substitution to be fully completed. Please contact us as soon as possible so we can commence our assessment.