Hi heres my scenario
purchased property $460k
Current Cash - $150k
Looking to get finance organise, as I have a 60 day settlement.
I have found 2 scenarios
Westpac - interest only loan 7.16% Variable. LMI (85%) - (available cash post settlement. $59k)
Nab - interest only loan 6.97% variable - LMI (80%) (available cash post settlement $33k)
My thoughts are that going with Westpac will give me the ability to purcahse another property as I will have $59k in available funds..... I know this comes at expense of a slightly higher interest rate..
But I think this might be an opportunity to purchase a second property far sooner than i would be able too. second property would be looking at around $300k...
I think this is a way for me to avoid mortgage insurance on the 2nd property, without having to rely on revaluations to access equity.
any thoughts on this? or if people would go for a different lender?
purchased property $460k
Current Cash - $150k
Looking to get finance organise, as I have a 60 day settlement.
I have found 2 scenarios
Westpac - interest only loan 7.16% Variable. LMI (85%) - (available cash post settlement. $59k)
Nab - interest only loan 6.97% variable - LMI (80%) (available cash post settlement $33k)
My thoughts are that going with Westpac will give me the ability to purcahse another property as I will have $59k in available funds..... I know this comes at expense of a slightly higher interest rate..
But I think this might be an opportunity to purchase a second property far sooner than i would be able too. second property would be looking at around $300k...
I think this is a way for me to avoid mortgage insurance on the 2nd property, without having to rely on revaluations to access equity.
any thoughts on this? or if people would go for a different lender?