question for brokers....
Refinancing existing loan from 70% to more than 80% and using that money to fund the 20% costs for new Investment property. Plan is to set up the additional account for this equity release. As I am going more than 80% LVR would be payable. initial loan did not had LMI.....
Trying to understand how will this LVR be added to the existing and new split. E.g. If 200K existing loan and releasing additional 50K equity will the LMI be approtionate on the both splits 200K LMI $$ & 50K LMI $$. Or can you ask lender to top up entire LMI on one split only....
what could be tax remification if this 200K is PPOR loan/IP loan....may be not much if it is IP loan???
thoughts....
Refinancing existing loan from 70% to more than 80% and using that money to fund the 20% costs for new Investment property. Plan is to set up the additional account for this equity release. As I am going more than 80% LVR would be payable. initial loan did not had LMI.....
Trying to understand how will this LVR be added to the existing and new split. E.g. If 200K existing loan and releasing additional 50K equity will the LMI be approtionate on the both splits 200K LMI $$ & 50K LMI $$. Or can you ask lender to top up entire LMI on one split only....
what could be tax remification if this 200K is PPOR loan/IP loan....may be not much if it is IP loan???
thoughts....