Silly question i know, but it's the first time i will be accessing equity in my 2 IP's.
How do you work out what the banks will release? I know they will only lend up to 90%...but is that of the available equity of the entire property value?
For example, in one property the valuation has come back as $340,000...I owe $240,000..what is the amount the bank will release?
340-240=100x90%=90k?
or
90%x340=306-240=66k?
How do you work out what the banks will release? I know they will only lend up to 90%...but is that of the available equity of the entire property value?
For example, in one property the valuation has come back as $340,000...I owe $240,000..what is the amount the bank will release?
340-240=100x90%=90k?
or
90%x340=306-240=66k?