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From: Paul Hendriks
Hi All,
Just tossing some ideas around here... If you could help with your thoughts I would appreciate it.
I bought an I/P in Wollongong in January 02
A 2 bd unit in Nth Wollongong, 200 mts from Beach & 200 mtrs from shops for $188k. Asking price was $200k, Bank Val was $190k
LVR was 75%. Renting for $200 p/w
I have been indicated the value now could be $220k - $230k ( I feel $210 - $220k max )but if I were to revalue to say $210k, could I then draw down another $20k to use as I wish?
& if so, how do I go about this process.
Rolf put the finance together, so maybe he could help also?
I am looking to use these IF POSSIBLE? funds for a Business Venture which should produce good income to help me purchase more I/P's.
Similar to Gail H question, but not fixed rates.
Regards
Paul
Hi All,
Just tossing some ideas around here... If you could help with your thoughts I would appreciate it.
I bought an I/P in Wollongong in January 02
A 2 bd unit in Nth Wollongong, 200 mts from Beach & 200 mtrs from shops for $188k. Asking price was $200k, Bank Val was $190k
LVR was 75%. Renting for $200 p/w
I have been indicated the value now could be $220k - $230k ( I feel $210 - $220k max )but if I were to revalue to say $210k, could I then draw down another $20k to use as I wish?
& if so, how do I go about this process.
Rolf put the finance together, so maybe he could help also?
I am looking to use these IF POSSIBLE? funds for a Business Venture which should produce good income to help me purchase more I/P's.
Similar to Gail H question, but not fixed rates.
Regards
Paul
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