All,
I am considering buying a 2nd IP. I will be using equity on IP1 as a deposit. I also have the required $12000 in cash savings for Legal/Govt costs.
I have contacted my bank and they advised that as the property being purchased is an investment I would be better off borrowing the full amount and not to use my $12000.
What is the reason for this?
Brad.
I am considering buying a 2nd IP. I will be using equity on IP1 as a deposit. I also have the required $12000 in cash savings for Legal/Govt costs.
I have contacted my bank and they advised that as the property being purchased is an investment I would be better off borrowing the full amount and not to use my $12000.
What is the reason for this?
Brad.