Recent content by newadv

OK, I will go away after this but someone please agree with me that I have 44% equity in this property since it is worth $300,000 & I now have only one loan that I am paying off worth $170,000. This would make my equity stake in this property $130,000. Can someone agree with me on that point at...

Springtime, if you want to look at it like that then let me illustrate: original loan $70,000 balance; new loan after refinancing $170,000. The bank gave me an additional $100,000 not $170,000. I still have $130,000 equity in the property. I NOW have ONE loan for $170,000 on a $300,000 property!!!!!

Thanks for taking the time to illiustrate. In your image, you show I have $240,000 in loans ($70,000 original plus $170,000 in additional borrowings) but I now only have one loan for $170,000 after refinance. If I were to sell this property tomorrow at $300,000, I would pocket $130,000 as equity...

I have now one loan outstanding for $170,000 on a $300,000 property after I refinanced. So my LVR today is now 56%. I want to get my LVR to 80%. I want to keep the bare minimum equity in the property so I can leverage $240,000 (80% LVR) of the bank's money & only $60,000 of my money as equity...

Yes I agree, the loan amount should have been for $240,000 when I re-financed but it wasn't. It was $170,000 after the $70K original loan was paid out. How do I get a loan now for $240,000???

I thought by re-financing I would have a new loan of $240,000 (accessing up to 80% LVR) but instead I have only $170,000 loan after the $70,000 from the original loan was paid. I will re-phrase my original question: "Will the bank let me loan up to $240,000 of this $300,000 value property??" I...

But as a result of the re-finance, I did pay the original loan off & now have a loan of $170,000 which is still short the $240,000 I would have if I had purchased the property today. So my current LVR is 55% ($170,000/$300,000) & not 80% had I purchased a property today. By re-financing, I have...

All I am looking to do is to get my LVR to 80%. I wasn't putting in 45% down but I used this to illustrate that by refinancing, I was only able to access 55% of the equity because of the existing loan whereas if I were to buy this same property today for $300,000 , I would only require to come...

So are you saying the only way I could access the full $240,000 (80% of the $300,000 property value) is if I had bought this property today with 20% down?? That is, there is no way to get my LVR to 80% through re-financing??

Thanks for your responses. My follow on question to this is: how then do I go about making available the additional equity that would allow me access to 80% of the value of the property (the full $240,000 of the $300,000 property value). I see this as if I just purchased the property & had to...

I bought an investment property about 8 years ago for $100,000 with 20% down. I refinanced recently so I could pull out equity to purchase additional properties. The property is valued at $300,000 & the bank said they can loan up to 80% of the value ($240,000). I did the refinance expecting to...