without posting all the nitty grittys of the email they sent me ill just post what i didnt agree with and see if other agree or disagree with this advice
it doesnt sound like there thinking along the same lines as me and going against what I and alot of you would think....????
i said i didnt want to cross any loans and there recommending crossing all of them together!
they didnt tell me my max borrowing amount so i can actually go look for a property....? and thats something i had asked... is it too hard to get that or what?
In the short term it will be most beneficial to refinance home loan with the lender that will best suit your requirements going forward.
At this stage it will be best to keep deal at an 80% to avoid mortgage insurance costs.
However as outlined below it is still best to keep loans at 80% where possible as LMI (Lenders Mortgage Insurance) can get very costly.
Refinance Homeloan $128,000 Secured by both House or House & Land (either will keep under 80%)
Security
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We recommend above loans to be secured by new investment property, plus existing house & block - LVR will be under 80% - therefore no LMI will be applicable
it doesnt sound like there thinking along the same lines as me and going against what I and alot of you would think....????
i said i didnt want to cross any loans and there recommending crossing all of them together!
they didnt tell me my max borrowing amount so i can actually go look for a property....? and thats something i had asked... is it too hard to get that or what?
do i really have 115k equity because if i topped up loans to 80% it only equates to 61k?...EQUITY
PPOR Value $185,000 Owe $127,000
Land Value $ 85,000 Owe $ 28,000
Total Value $270,000 Owe $155,000
Current Equity $115,000