From: Mark Portelli
Looking for comment from the finance wizards on the forum.
We have own property worth $600K
2 IPs valued at $380K total
Debts
$365K I/O loan for IPs
LOC at $53K - max limit $100K
Other debts around $3600
Using lender's 80% LVR
can we expect the following:
$980000 x 80% = 784000
less $483600
leaves an equity base of approx $300400
Using this equity can i then theoretically use it as 20% deposit and borrow $1.5mil?
Or buy a number of IPs up to $1.5 including costs and breaking the equity into smaller deposits?
Is the above possible - is it done?
Obviously loan servicing would need to be considered.
Looking for comment from the finance wizards on the forum.
We have own property worth $600K
2 IPs valued at $380K total
Debts
$365K I/O loan for IPs
LOC at $53K - max limit $100K
Other debts around $3600
Using lender's 80% LVR
can we expect the following:
$980000 x 80% = 784000
less $483600
leaves an equity base of approx $300400
Using this equity can i then theoretically use it as 20% deposit and borrow $1.5mil?
Or buy a number of IPs up to $1.5 including costs and breaking the equity into smaller deposits?
Is the above possible - is it done?
Obviously loan servicing would need to be considered.
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