You could do it the day after settlement. But the risks are that:
1. Bank will be reluctant to give you 'cash out' of 80% of limit in this climate.
2. Valuation could come in lower - unlikely. But a chance it could come in higher as the valuer and bank are not limited to purchase price.
If you had a $600k LOC you could possibly pay 'cash' for the next property. Generally it would be better to borrow 80% (at least) for each property purchase because it can be difficult to mortgage a property later and get a loan on it. Many banks are worried about givng access to large sums of...
