Loan structure

[ramblin]

Just following up on my finance situation. We ended up getting option 3 in place - 3 loans, 1 on our PPOR, and 2 loans for the investment property. No deposit required from us, no LMI and we still have plenty of equity available in our PPOR loan.
We found a place a few weeks ago and settlement is on the 8th October.

Thanks again everyone for your help.

 

[D.T.]

Just following up on my finance situation. We ended up getting option 3 in place - 3 loans, 1 on our PPOR, and 2 loans for the investment property. No deposit required from us, no LMI and we still have plenty of equity available in our PPOR loan.
We found a place a few weeks ago and settlement is on the 8th October.

Thanks again everyone for your help.

Well done. Did you do it from bank directly? Which?

Looking for #2?

 

[ramblin]

Hi Dave

yes we dealt with the bank directly. We went with Bankwest. We applied online as they have a cheaper rate for online applications and then dealt back and forth with one person once our application was reviewed. Our PPOR was previously with them also so the set up part was pretty straight forward given we were an existing customer.

We have number 2 on the horizon...maybe within the next 6 months. Being a first time property investor I just want to make sure the sky doesn't fall in first before going on to number 2

 

[Thann]

Congrats

Make sure to double check the paperwork.

Once had a bank try to cross everything, despite written (email) instructions.

Managed to get everything sorted before settlement

 

[Colin Rice]

Congrats

Make sure to double check the paperwork.

Once had a bank try to cross everything, despite written (email) instructions.

If more than one property is listed as security on the loan contracts then they have crossed collaterlised. Make sure you have separate contracts for each property. That is new IP is the only listed security on the loan contract.

 

[edge10]

Setup Offset account, linked to PPOR loan to reduce non-deductible interest charges


Hi Guys, bit confused here, so can you link an offset account from another bank to PPOR Loan which are two different banks????

 

[Terry_w]

Setup Offset account, linked to PPOR loan to reduce non-deductible interest charges


Hi Guys, bit confused here, so can you link an offset account from another bank to PPOR Loan which are two different banks????

No. Must be at the same bank as the loan.

 

[edge10]

No. Must be at the same bank as the loan.

thanks Terry, that makes sense.