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Hi Guys,
Quick question.
PPOR - 350k owing
IP1 - two loans
1. 45k (equity loan from PPOR?)
2. 315k
Now if I want to borrow more and calculate equity on PPOR, how does this work?
If valuation comes say 480k - The equity is
480 - (350+45) = 85k
Is this correct?
If I have 45k secured against PPOR, when I sell IP, do I have to pay off this 45k as well or I can choose not to and just pay off 315k owing on IP?? Can I park leftover money (after paying 315) in offset linked to PPOR?
Also, how do I request valuation, just call the bank? Do they charge any fees for this?
thanks
I don't think I have any equity in IP. In fact, it is in negative equity