I currently have a IP in brisbane which I set up late last year and realize the finance could have been done better, I would now like to purchase another property and would like to take the opportunity to tidy up the first mortgage in the process.
The first one is 80% LVR P&I payments with ING fixed at 4.99 for 5 years.
The plan was buy and hold and sell or use the equity in 5 years, but I've since decided I would prefer to keep investing.
Ideally I would like to get a valuation on the first home, pull it back to 90%, pay the LMI, switch to variable rate interest only with offset and use the equity to fund the deposit of another property.
Willing to pay down the first mortgage and redraw the money to cover all funds needed for the next purchase.
Now I realize that is probably not possible, but how much of this would I be able to do on a fixed rate home loan before having to break free? I would imagine it would not be worth breaking out this early in the contract.
The first one is 80% LVR P&I payments with ING fixed at 4.99 for 5 years.
The plan was buy and hold and sell or use the equity in 5 years, but I've since decided I would prefer to keep investing.
Ideally I would like to get a valuation on the first home, pull it back to 90%, pay the LMI, switch to variable rate interest only with offset and use the equity to fund the deposit of another property.
Willing to pay down the first mortgage and redraw the money to cover all funds needed for the next purchase.
Now I realize that is probably not possible, but how much of this would I be able to do on a fixed rate home loan before having to break free? I would imagine it would not be worth breaking out this early in the contract.