Hi all,
We have just found an IP today, a 3 bed townhouse and have agreed on the price and will sign tomorrow. We are assuming there won't be a problem with the bank but would like some advice on how to structure the loan and if we would have to pay mortgage insurance or not?
Our PPOR is valued at $520k and our loan on it is $110k.
The IP is $290k plus stamp duty and fees..say $300k, we need to borrow.Don't want to put any cash into it at all so need to borrow full amount.
How should we stucture the IP loan and would we need to pay mortgage insurance or would we have enough equity in our PPOR to not have to? How much is mortgage insurance anyway...have no idea.
Thanks in advance, A&P
We have just found an IP today, a 3 bed townhouse and have agreed on the price and will sign tomorrow. We are assuming there won't be a problem with the bank but would like some advice on how to structure the loan and if we would have to pay mortgage insurance or not?
Our PPOR is valued at $520k and our loan on it is $110k.
The IP is $290k plus stamp duty and fees..say $300k, we need to borrow.Don't want to put any cash into it at all so need to borrow full amount.
How should we stucture the IP loan and would we need to pay mortgage insurance or would we have enough equity in our PPOR to not have to? How much is mortgage insurance anyway...have no idea.
Thanks in advance, A&P