Hi all
I would appreciate advice on our current situation.
PPOR - worth about 750k - outstanding bank loan of approx 13k
IP - worth about 360k - outstanding loan of approx 320k - crosscollateralised against the PPOR
Combined LVR approximately 30%
No issue with servicing the loans.
We are looking at increasing the mortgage on our PPOR from 13k to 53k with the intention of using the 40k to establish a business.
Was upfront with our bank as to why we would like to increase the loan.
They have replied by saying they wont increase the PPOR loan for business reasons and would require us to set up a business loan.
I refuse to do this, as I dont want to put the PPOR at risk should the business fail (though I am happy to wear the extra amount owing on the PPOR should the business fail).
I would appreciate any suggestions on the best way to move forward.
Options being considered so far include:
1. Sell the IP
2. Refinance
3. Wait and save
I would appreciate advice on our current situation.
PPOR - worth about 750k - outstanding bank loan of approx 13k
IP - worth about 360k - outstanding loan of approx 320k - crosscollateralised against the PPOR
Combined LVR approximately 30%
No issue with servicing the loans.
We are looking at increasing the mortgage on our PPOR from 13k to 53k with the intention of using the 40k to establish a business.
Was upfront with our bank as to why we would like to increase the loan.
They have replied by saying they wont increase the PPOR loan for business reasons and would require us to set up a business loan.
I refuse to do this, as I dont want to put the PPOR at risk should the business fail (though I am happy to wear the extra amount owing on the PPOR should the business fail).
I would appreciate any suggestions on the best way to move forward.
Options being considered so far include:
1. Sell the IP
2. Refinance
3. Wait and save