New Bank and a house

[SOULFLY3]

Hi guys I know this question is asked alot but every persons portfolio is different..
ATM i am with NAB and am sick of them they are useless

I have PPOR and 2 investment properties.

Can someone chip in with the best option of -
A) moving banks (which bank)

B) How to structure these?

A whole new question...
The PPOR 3b 1b I am living in Karingal, I did a reno but if sold today would come out just out in front with how the market is going... (370k value)

Now I have got a friend of a friend selling privately a 25sq house 4b 2b (no garage) in Mornington of bentons RD for $450k. with 15k worth of work i believe would easily add 100k this is where I would live for a few years also. It is the eye sore of the street amongst houses worth 600k +

I cannot borrow 450k on top of what I have now sooooo-
Should I sell my PPOR
Or let this opportunity slide by?



Thanks pplss

 

[Peter_Tersteeg]

It's impossible to make a specific recommendation on which bank would be best for you based on the information provided. Asking, "What's the best bank", is too open ended at this point.

Given that you've got a PPOR and two IPs however, some features that might be worth considering would include:

* P&I loan against the PPOR (would depend on your future plans)
* Offset account against the PPOR loan.
* Interest only loans against the investment properties.


You'd ideally structure them so that there's only one loan against each property and avoid cross collateralisation. Within those loans you might also consider fixing or a combination of variable and fixed, depending on your risk profile. This could of course dramatically change depending on future goals and existing equity in properties.

The opportunity in mornington could be a good one, that's for you to assess. Have you considered potential rental income when you've figured out your affordability? There might be ways of doing this so that you don't need to sell your existing house. If you do need to sell, do you actually want to live in this new property?

 

[Rolf Latham]

Hi guys I know this question is asked alot but every persons portfolio is different..
ATM i am with NAB and am sick of them they are useless

How do u mean useless ?

t
arolf

 

[james_w]

Sounds like your looking to upgrade your ppor not buy an ip so I think you have answered your own question, NAB is excellent compared to others lenders we were with CBA for several years they tightened up we moved to NAB....