Evening All,
Just after some guidance/thoughts on the below issue my friend is going through. I'll try and explain the best I can with most of the facts.
- Purchased IP OTP 5yts ago
- construction completed 18 months ago with tenants placed
- during this time they purchased another IP then turned into PPOR purchased and been living in for 3yrs+
- sold PPOR this year
- docs signed and upon settlement of funds ANZ took 60% and put them into IP1 with the balance put into there savings
-met with broker and they can't borrow anything or use equity as partner is on maternity leave, now needs to go back to work so they can buy a new PPOR or move into IP1. They are renting now
This screams of cross collaterisation but what did ANZ broker set up in original contract that paid the finds into the IP???
Thanks for reading... Any feedback would be great on next thing to do
Cheers
Just after some guidance/thoughts on the below issue my friend is going through. I'll try and explain the best I can with most of the facts.
- Purchased IP OTP 5yts ago
- construction completed 18 months ago with tenants placed
- during this time they purchased another IP then turned into PPOR purchased and been living in for 3yrs+
- sold PPOR this year
- docs signed and upon settlement of funds ANZ took 60% and put them into IP1 with the balance put into there savings
-met with broker and they can't borrow anything or use equity as partner is on maternity leave, now needs to go back to work so they can buy a new PPOR or move into IP1. They are renting now
This screams of cross collaterisation but what did ANZ broker set up in original contract that paid the finds into the IP???
Thanks for reading... Any feedback would be great on next thing to do
Cheers