IP1 Refinance - 20% deposit

[Azazel]

The other consideration is your strategy.
If you planning on adding value eg renovation, then 20% would be a good option as you can valuation shop. Paying LMI then having to move would be a waste.
If the purchase is set and forget and the market is moving up, then 88% lend works really well. Allows you to accelerate your accumulation phase and having that extra equity buffer in place is great for a rainy day.
Cheers,
Michael

That's definitely something to keep in mind!

 

[Azazel]

Correct only available to Gold and Flame Brokers.
I have had 100% success with cash outs to 90% with St George. Occasionaly get asked for an AIP for the purchase with no other evidence required.

Thanks Colin. What's an AIP?

 

[Colin Rice]

Thanks Colin. What's an AIP?

Sorry, Approval In Principal aka Conditional Approval subject to finding a suitable property.

 

[Azazel]

Sorry, Approval In Principal aka Conditional Approval subject to finding a suitable property.

Ah no worries, another broker acronym to add to my list.

 

[Colin Rice]

Ah no worries, another broker acronym to add to my list.

I think in the damn things and forget others do not

 

[Corey Batt]

I think in the damn things and forget others do not

My wife gives me a confused look when I say PPOR, IP, IO rollovers etc to her in conversation.

 

[Colin Rice]

My wife gives me a confused look when I say PPOR, IP, IO rollovers etc to her in conversation.

I get that look with out opening my mouth.