Refinance questions help!!

[sambo150]

Hi gang!

I have just finished building my own house to live in perth

I have an existing house which i moved out of and is now rented gaining $510 p/w

The existing house had a mortgage of $280k and bank value came back with $510k

The new house has a mortgage of $390k and the bank value came back with $680k although its not 100% finished inside needs flooring and no gardens,

I would like to ask what i should do regarding the banks and how i should tackle the idea for my loan setup and access some equity to finish the house im in and also in 6 months purchase a small lot and build a townhouse on it should cost around $350-380k
My income is around $130k self employed

Thanks guys im only young and trying to learn as much as i can!
Any advise would be great!

Thanks

Sam

 

[Aaron_C]

Pretty easy. Increase the existing loan against your existing property and use that money to help finish off the new house.

 

[Rolf Latham]

I'd be looking to use the equity I have in the completed ip to pull a loc r the like to complete the work on your new place.

That way you won't run into issues with valuers and lenders not wanting to lend on an "unfinished product"

Perhaps an overall review of your lending with your broker or banker will help you to move forward

Ta

Rolf

 

[travelbug]

Seeing as there is equity in both I would have thought it easier and tidier to pull equity from the existing house (IP) for investment and pull equity from the new house(PPOR) to finish the house.

That way the investment and personal loans are clearly defined.