Howdy,
My query has four parts:
1. We have an IP renting at $150p/w on a I/O loan. We owe $56700 on it & it's worth approx. $105k. We are currently renting ourselves paying $130p/w. Our current lender does not allow add. repayments on the I/O loan. Is there any benefit in add. repayments for I/O's??
2. Our current lender also does not have LOC facilities (although they have a ripper interest rate!). How do we structure our finances to purchase IP no.2? Assuming no cash down.
3. How do we keep our current lender for IP 1 whilst still using equity to purchase IP 2 with perhaps another Lender? ie so we don't cross collaterise. ANZ Home Loan Manager did not know what i meant when I said I did not want to x-collat.!!
3. Who are the best Lenders/Brokers that will talk simple terms & basically do most of the work for us without displaying their vested interests??
My query has four parts:
1. We have an IP renting at $150p/w on a I/O loan. We owe $56700 on it & it's worth approx. $105k. We are currently renting ourselves paying $130p/w. Our current lender does not allow add. repayments on the I/O loan. Is there any benefit in add. repayments for I/O's??
2. Our current lender also does not have LOC facilities (although they have a ripper interest rate!). How do we structure our finances to purchase IP no.2? Assuming no cash down.
3. How do we keep our current lender for IP 1 whilst still using equity to purchase IP 2 with perhaps another Lender? ie so we don't cross collaterise. ANZ Home Loan Manager did not know what i meant when I said I did not want to x-collat.!!
3. Who are the best Lenders/Brokers that will talk simple terms & basically do most of the work for us without displaying their vested interests??