Search results

belleran, To finance 2nd IP: If you have enough equity in your PPOR you can extent your LOC, or get a 2nd LOC to cover deposit & cost and the borrow 80% from new lendor. Your second IP loan can have a offset account - this is up to you - I would have one and have some $$ sitting in...

cross collateralising + mortgage insurance??

I have a LOC secured against my PPOR - this was for $100k (can extend later if needed) this is with CBA. - This is to cover 20% + cost. 2nd loan for the balance (80% -I/O - avoid mortgage insurance), this loan has an offset facility, this loan is with bankwest. Place savings + rental...

I'm going through the same process now; my structure is as follows: PPOR value $650k - no debt Savings $100k IP1 (just exchanged) $390k LOC $100k Secured against PPOR (used for 20% deposit and cost) Loan for $312k (80%), with offset account/facility Place $100k (savings)...