Hello all...
A question that I have failed to find the answer to in any of the previous threads.
I currently live and work in Europe. I have Australian permanent residency and I own an Australian IP.
IP: loan $290000 value $350000 (bank valued it in March)
Initial loan was at 95% with LMI on top of that.
So I thought, well time to start looking for IP #2. Contacted my mortgage broker in Australia, just to be told that because I have an overseas income banks will only lend me 80%. (according to him due to LMI not being available to overseas investors)
Question #1 Any chance that I will find a lender that will lend me more than 80% for IP2?
Question #2 Do you think that the bank at least will let me "top up" (separate loan of course) the existing loan to 90% given it was initially taken out with LMI?
Any thoughts or ideas?
Cheers,
Goldfish
A question that I have failed to find the answer to in any of the previous threads.
I currently live and work in Europe. I have Australian permanent residency and I own an Australian IP.
IP: loan $290000 value $350000 (bank valued it in March)
Initial loan was at 95% with LMI on top of that.
So I thought, well time to start looking for IP #2. Contacted my mortgage broker in Australia, just to be told that because I have an overseas income banks will only lend me 80%. (according to him due to LMI not being available to overseas investors)
Question #1 Any chance that I will find a lender that will lend me more than 80% for IP2?
Question #2 Do you think that the bank at least will let me "top up" (separate loan of course) the existing loan to 90% given it was initially taken out with LMI?
Any thoughts or ideas?
Cheers,
Goldfish