Hi guys ,
Continuing from my other post , I am in a situation where Suncorp has given me expected valuation which means i can take 50Ks from equity n savings towards new loan for future PPOR.
1. My current bank (CBA) won't refinance (or top up) because of my work situation , my broker is confident that Suncorp would.
2. If I stay with CBA and get a topup from them till 90% LVR , I save around 4Ks in LMI as comapred to Suncorp but for me to do so , I need to wait for 6 to 24 months, 6 Months in case I can find a new contract with PAYG , worst case 24 months if I remain in my current contract (which is via ABN\ACN).
3. I plan to borrow $480,000 for new PPOR (inc all govt fees etc). Putting in 50Ks in this loan means I will still have 90%+ LVR
1stly I am confused If I shall try to save 4Ks on my current loan , which would become an IO/IP loan once we move to new PPOR but wait for anything between 6 to 24 months Or Shall I take the bullet now and pay extra LMI on current loan , get equity out, save time and use it as deposit on new PPOR.
2nd thing is Loan Structure - What is general view on my scenario If I want to proceed with Suncorp, Shall I take as much as equity out on current loan
and try to bring new loan LVR to under 90% ?
What's the general advise on my situation ?
Also , What's the general feedback for Suncorp ? How strict they are If say in 2-3 years time If I intend to withdraw more equity for 2nd IP.
Thanks in adv.
Continuing from my other post , I am in a situation where Suncorp has given me expected valuation which means i can take 50Ks from equity n savings towards new loan for future PPOR.
1. My current bank (CBA) won't refinance (or top up) because of my work situation , my broker is confident that Suncorp would.
2. If I stay with CBA and get a topup from them till 90% LVR , I save around 4Ks in LMI as comapred to Suncorp but for me to do so , I need to wait for 6 to 24 months, 6 Months in case I can find a new contract with PAYG , worst case 24 months if I remain in my current contract (which is via ABN\ACN).
3. I plan to borrow $480,000 for new PPOR (inc all govt fees etc). Putting in 50Ks in this loan means I will still have 90%+ LVR
1stly I am confused If I shall try to save 4Ks on my current loan , which would become an IO/IP loan once we move to new PPOR but wait for anything between 6 to 24 months Or Shall I take the bullet now and pay extra LMI on current loan , get equity out, save time and use it as deposit on new PPOR.
2nd thing is Loan Structure - What is general view on my scenario If I want to proceed with Suncorp, Shall I take as much as equity out on current loan
and try to bring new loan LVR to under 90% ?
What's the general advise on my situation ?
Also , What's the general feedback for Suncorp ? How strict they are If say in 2-3 years time If I intend to withdraw more equity for 2nd IP.
Thanks in adv.
