Hiya
Ok here is some issues you may want to think about.
Bankwest is a great lender with some really nice products. They use one single mortgage insurer. That insurer will go to a maximimum of 500 000 in Brisbane at 90 %.
So you are ok to this deal but what ya gonna do for the next one ?
I would have done it a little differenlty than your current broker ( not necc better, just different)
I would have taken your PPOR at 90 % = 166 500 loan
166 500 - 121 000 = 45 500 for investment.
Then IP1 I would have done at 95 % (even with bankwest say), this would suck up 15 k in deposits and costs.
IP2 would be at 90 % so need 28 k in dep and costs.
Leaves very little for the next deal, but because every property is now single, you can take it anywhere for an equity increase when it becomes available.
On your numbers the overall LVR is close to 90 % and JUST slips through, and the lmi premium to be paid is much larger because the % premium is charged on the total loan amount, not the intermediates because the props are cross collateralised.
Benefit of xcoll is a higher LVR than without at high lends and pooling of equity and reduction of loan running costs.
Soooooo, no hot water - yet
Ta
Rolf
ta
Rolf