Hi all
I want to use the equity on my PPOR to purchase an IP and want to know how I should go about doing this. Current scenario:
PPOR bought for 265K (IO loan)
Should be worth between 300-315K+ now (based on other sales)
So can anyone give me advice on where to start?
Do I get my current bank to give me a val? And then how do I use the equity for a deposit? Do I need a LOC?
Can I use a separate bank, or would I need to go with the same lender?
Let me know if you need more info
Thanks
I want to use the equity on my PPOR to purchase an IP and want to know how I should go about doing this. Current scenario:
PPOR bought for 265K (IO loan)
Should be worth between 300-315K+ now (based on other sales)
So can anyone give me advice on where to start?
Do I get my current bank to give me a val? And then how do I use the equity for a deposit? Do I need a LOC?
Can I use a separate bank, or would I need to go with the same lender?
Let me know if you need more info
Thanks