Hi all,
looking to buy my 2nd IP. I have enough redraw in the loan on my 1st IP to cover the deposit and then I intend to refinance both loans such that there is 80% LVR on the second IP (ie by releasing further equity in the 1st IP).
Can anyone see any problems with this? (given that the funds redrawn are being used for investment purposes also)
I realise I should have had the funds sitting in an offset account rather than being ahead of schedule on the repayments but that is history now.
looking to buy my 2nd IP. I have enough redraw in the loan on my 1st IP to cover the deposit and then I intend to refinance both loans such that there is 80% LVR on the second IP (ie by releasing further equity in the 1st IP).
Can anyone see any problems with this? (given that the funds redrawn are being used for investment purposes also)
I realise I should have had the funds sitting in an offset account rather than being ahead of schedule on the repayments but that is history now.