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Excellent. Definitely do the valuation for IP 1 once you do the reno. Shop around for the valuation (NOT the loan) to see if another lender is prepared to value higher and give you access to more equity which means less LMI. Also don't forget that LMI is tax deductible on IP's for the first 5...

It has to be done via the bank as banks will not accept 3rd party valuations. A lot of the lenders now offer free upfront vals. Where are you going to come up with the extra $30k needed for a $500k purchase? Regards Shahin

You have an IP that is worth $270k w/ $250k owing on it. You have $20k in cash/deposit and you want to purchase a second IP for approx $500k. Is that correct? BTW - I would be looking at ordering an upfront val on the IP to determine the value. Regards Shahin

It can be set up at time even if its the only loan linked to the security. Regards Shahin