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Accessible Equity
Second loan will have to be with the same bank. It works as follows: Initial Loan: 90% Loan, get charged LMI of $4,000. Second Loan: Increase loan due to increase in equity of property - new LMI to be charged is $5,000. Since you already paid LMI with same lender, they will 'credit' the $4,000...- Aaron_C
- Post #7
- Forum: Property Finance
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A
Accessible Equity
Broker first for sure to get an idea of valuation and how much equity you got.- Aaron_C
- Post #3
- Forum: Property Finance