Loan structure - advice

[snita]

you probably need separate loan statements with separate loan numbers

the 230 should be IO and the 520 can be either

depending on lender this may be simple

ask the broker to do the split

ta
rolf

But still one loan essentially? Can't have 2 loans against my PPOR, correct?

So should be as simple as calling bank and asking them to split the loan 520 P/I and the rest I/O?

Thanks

 

[Peter_Tersteeg]

But still one loan essentially? Can't have 2 loans against my PPOR, correct?

So should be as simple as calling bank and asking them to split the loan 520 P/I and the rest I/O?

Thanks

No, it should be 2 loans. You can have multiple loans against any property.

I strongly suggest you get one of the brokers to help you with this.

 

[Marty McDonald]

But still one loan essentially? Can't have 2 loans against my PPOR, correct?

So should be as simple as calling bank and asking them to split the loan 520 P/I and the rest I/O?

Thanks

two loans = same as a split loan (as long as there are separate identifiable account numbers)

You'd think it would be simple to change the existing loan wouldn't you but with most lenders this would be a whole new application I'm afraid.

 

[albanga]

A perfect example here of what separates a mortgage broker from an investment/strategic mortgage broker.

Thankfully for OP there is help and many of them are posting in this thread.

Do yourself a massive favor and pick up the phone and call one of these guys or girls. Do not go back to your same broker and do not go back to the bank directly.