The banks intent us to consolidated all my bad debt 55k against the interest only loan. Which will leave me enough equity to buy a IP.
Would this be the best course of action?
The banks intent us to consolidated all my bad debt 55k against the interest only loan. Which will leave me enough equity to buy a IP.
Would this be the best course of action?
If you are really keen for locals in Shoalhaven then Everylender Ulladulla are the best down this way by a good stretch. Seriously though mate I have worked with both of the brokers who have replied on this thread they are probably in the top 10 brokers for quality and useability in the country. You wouldn't go wrong with either.
It could be a good idea to refinance that debt into a home loan to get the lower rates, but make sure you don't just increase the existing loan but set up a new split. This is because if the house ever becomes rented out you won't be able to claim the interest on this portion.