Hey guys,
I am working out the best way to structure my finance for the next property I buy, currently in PPOR and owe which I owe $250,000 on and am renovating, shooting for $380,000 once completed. Was going to rent out PPOR but after talking it over with my girlfriend, we have no real need to move at this point so we might as well stay here seeing as the reno has turned out great so far .
Am in the process of converting PPOR loan to IO and sitting the extra funds in my offset as although I am living here for the forseeable future it wont be forever.
What would be the best way to get to my equity? I am seeing a lot of talk of LOC loans but I am unsure of this as from what I understand they are at a higher interest rate.
And then taking out an IO loan for the remainder of the amount with a separate lender to the one I use currently.
I realize this question is covered a lot in some way shape or form but I was just chasing a bit of an answer on my situation.
Thank guys, I appreciate it.
I am working out the best way to structure my finance for the next property I buy, currently in PPOR and owe which I owe $250,000 on and am renovating, shooting for $380,000 once completed. Was going to rent out PPOR but after talking it over with my girlfriend, we have no real need to move at this point so we might as well stay here seeing as the reno has turned out great so far .
Am in the process of converting PPOR loan to IO and sitting the extra funds in my offset as although I am living here for the forseeable future it wont be forever.
What would be the best way to get to my equity? I am seeing a lot of talk of LOC loans but I am unsure of this as from what I understand they are at a higher interest rate.
And then taking out an IO loan for the remainder of the amount with a separate lender to the one I use currently.
I realize this question is covered a lot in some way shape or form but I was just chasing a bit of an answer on my situation.
Thank guys, I appreciate it.