Hi
I want to consider withdrawing some equity to use as a deposit for a 2nd IP.
Will the bank look at this differently than say if I said.i.wanted to do renovations? Ie does the reason matter, should i be honest and say its to hold in my offset until whenever i want to use?is there a time limit i have to.draw down this equity?
Is it possible to.get this totally split from my current loan so as for tax reasons? Ie its like a separate loan acount?
I do use my offset for my PPOR as a transaction acct so not sure if that would muddle everything. basically i want to keep it til i need it, in offset it woildnt.be costing me anything.
Ppor
Value 365k
Loan 270k
Original loan was around 90% with lmi capitalised
Thankyou for any feedback
I want to consider withdrawing some equity to use as a deposit for a 2nd IP.
Will the bank look at this differently than say if I said.i.wanted to do renovations? Ie does the reason matter, should i be honest and say its to hold in my offset until whenever i want to use?is there a time limit i have to.draw down this equity?
Is it possible to.get this totally split from my current loan so as for tax reasons? Ie its like a separate loan acount?
I do use my offset for my PPOR as a transaction acct so not sure if that would muddle everything. basically i want to keep it til i need it, in offset it woildnt.be costing me anything.
Ppor
Value 365k
Loan 270k
Original loan was around 90% with lmi capitalised
Thankyou for any feedback