Dear SS experts,
I started property investment mid Last year. I had fair bit of equity in my PPOR, purchased my 1st IP, cross Coll with my PROP.
Now I am buying my second Investment property, and I wanted to have the correct loan structure this time, as my 1st IP built a little bit of equity (10K's), so my broker did this structure.
New 3 loans
- 1 for IP1 with 90% + LMI
- 1 for IP2 with 90% + LMI
- 2nd loan against my PPOR , 10% for both loans + stamp duty + Solicitor for the IP2.
My questions:
- Should I have 2 loans against my house to make it easier for the accountant (One for each IP)
- For IP2 I have some renovations to do, around 10 K?s, If I need additional 10K?s to do this , what should I do. Isn?t it better to pay it from the loan as this is cost of investment?.
Please let me know your thoughts.
Thanks
Ram
I started property investment mid Last year. I had fair bit of equity in my PPOR, purchased my 1st IP, cross Coll with my PROP.
Now I am buying my second Investment property, and I wanted to have the correct loan structure this time, as my 1st IP built a little bit of equity (10K's), so my broker did this structure.
New 3 loans
- 1 for IP1 with 90% + LMI
- 1 for IP2 with 90% + LMI
- 2nd loan against my PPOR , 10% for both loans + stamp duty + Solicitor for the IP2.
My questions:
- Should I have 2 loans against my house to make it easier for the accountant (One for each IP)
- For IP2 I have some renovations to do, around 10 K?s, If I need additional 10K?s to do this , what should I do. Isn?t it better to pay it from the loan as this is cost of investment?.
Please let me know your thoughts.
Thanks
Ram