First IP which lender

I have a PPOR worth 700K. Loan 450K. I can get 20% equity loan from my current lender.

My broker advised me AMP/Homeside Lending/Westpac or CBA for my IP.

Not sure whom to choose. My plan is to buy an old house and build a granny flat.

Which lender is good for best interest rate and granny construction?
 
Which lender is good for best interest rate and granny construction?
Most of the lender mentioned will cover the granny flat construction, assuming you do it under a fixed price contract and have all the appropriate permits.

Westpac & AMP aren't so terrific on interest rates, but they have their niche's and can be used effectively as part of a larger strategy.

HomeSide & CBA are the more competitive, but may (HomeSide especially) be better left for when affordability gets tight.

Right now it seems you're focusing on who will give you the best interest rate. This could be a mistake if you're planning on building a property empire. You might be better served to give some thought to what your longer term goals are, what it will take to achieve them, and then build a lending strategy around that.
 
My broker advised me AMP/Homeside Lending/Westpac or CBA for my IP.
Thats as wide as 2 semis side by side.

All will do grannies, but why use with a lender like HSL or AMP with their high serviceability when CBA or Westpac will do, leaving HSL or AMP when you really need them ?

If your goal is to build a portfolio, then what lender when can make a big difference to your amount of lending in the long term.

If you havent provided your goals to your broker, best do so, and see what they come back with then.

ta
rolf
 
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