cross collaterization question

[Qlds007]

eyespy

No is normal practice for investors to structure their portfolio that way to reduce risk.

 

[Bigtone]

that's right eyespy, you just keep repeating the same process every time, spread the new purchases over as many lenders as possible.

good luck and maybe switch brokers and use Richard!

 

[travelbug]

I'm looking at buying another property at approx $210k & only wish to put in approx 5% + fees as a contribution & figured if I X-Coll against my PPOR I wont need to pay LMI, I have several other mortgages (Less than 80% LVR) for IP's but no credit card & no Line of credit, is there another way I can do it to avoid LMI as I figure LMI is waste of money?

You can take the money out of your PPOR (as a LOC) without crossing.

My PPOR is crossed with 1 IP but I also used the LOC to buy another (not crossed). I didn't know any better. Now I can't sell my PPOR without paying down $300K to realease PPOR. I don't want to sell yet but will in about 5 years.

Never say "I'll never want to sell" I thought that too but the house is too big for us now.