I'm looking to buy both PPOR and IP and wanted your advise if it is possible with the following plan
I have a deposit of 120K and both me and my wife have eligibility of 1 M
First, I would like to buy a PPOR
- Price - 650K with 10% deposit(65k) + stamp duty(28k) - total 93K
- LMI capitalized in the loan or no LMI with ING.
- I/O loan with offset
I'm getting a good deal on the unit. 20 - 30K less than the comparable sales in the area. Vendor bought elsewhere and want to settle quickly. I offered 30 days settlement instead of 42.
After 3 months, I would like to get my property re valued by the bank and get access to the extra equity around 30K and plus 20 -255K(from my remaining deposit) to buy an IP.
Am I doing it right?
I have a deposit of 120K and both me and my wife have eligibility of 1 M
First, I would like to buy a PPOR
- Price - 650K with 10% deposit(65k) + stamp duty(28k) - total 93K
- LMI capitalized in the loan or no LMI with ING.
- I/O loan with offset
I'm getting a good deal on the unit. 20 - 30K less than the comparable sales in the area. Vendor bought elsewhere and want to settle quickly. I offered 30 days settlement instead of 42.
After 3 months, I would like to get my property re valued by the bank and get access to the extra equity around 30K and plus 20 -255K(from my remaining deposit) to buy an IP.
Am I doing it right?