Hi guys,
Just wanted to get some verification that I'm not doing something silly with loan structure. I don't know any good mortgage brokers and don't seem to have the time Monday to Friday to try and meet with one.
I have a PPOR and an IP and looking to finance another IP. All amounts are approximate and all loans are through the same bank for convenience.
PPOR value 800k, loan A 90k + loan B 90K + offset account
IP1 value 540k, loan C $430k (80%) + loan D $130k (20% deposit + fees secured against PPOR)
The plan on the next IP is the same as IP1:
IP2 value 320k, loan E $260k (80%) + loan F $80k (20% deposit + fees secured against PPOR)
So the questions are:
1. Is this a reasonable way to have the loans setup?
2. Am I cross collateralised by securing the deposit and fees loan against the PPOR?
3. Is there a better way to access the equity in the PPOR for deposit and fees?
4. Are there any mortgage brokers in the Brisbane CBD you recommend?
Thanks in advance!
Just wanted to get some verification that I'm not doing something silly with loan structure. I don't know any good mortgage brokers and don't seem to have the time Monday to Friday to try and meet with one.
I have a PPOR and an IP and looking to finance another IP. All amounts are approximate and all loans are through the same bank for convenience.
PPOR value 800k, loan A 90k + loan B 90K + offset account
IP1 value 540k, loan C $430k (80%) + loan D $130k (20% deposit + fees secured against PPOR)
The plan on the next IP is the same as IP1:
IP2 value 320k, loan E $260k (80%) + loan F $80k (20% deposit + fees secured against PPOR)
So the questions are:
1. Is this a reasonable way to have the loans setup?
2. Am I cross collateralised by securing the deposit and fees loan against the PPOR?
3. Is there a better way to access the equity in the PPOR for deposit and fees?
4. Are there any mortgage brokers in the Brisbane CBD you recommend?
Thanks in advance!