Currently I am on Westpac with PPOR loan of 525K and is currently moving to ANZ Breakfree with 1% discount. ANZ has valued my house at 800K. I have cash at 140K on Westpac offset.
ANZ suggest I borrow up to 80% LVR (ie 640K, ie extra 105K) against the home. I had to fill in a statuory declaration of buying a n investment property to get the extra cash. The plan is to leave the extra 105K on ANZ offset so there is no additional interest being paid.
Given that X-coll is not good, is it possible to take that extra 105K out of offset, and use it as deposit to buy IP but with another bank? Or that money must stay with ANZ account? I never have IP so have no idea how best to structure it, except to try to avoid X-Coll whenever I can, based on reading the forum.
ANZ suggest I borrow up to 80% LVR (ie 640K, ie extra 105K) against the home. I had to fill in a statuory declaration of buying a n investment property to get the extra cash. The plan is to leave the extra 105K on ANZ offset so there is no additional interest being paid.
Given that X-coll is not good, is it possible to take that extra 105K out of offset, and use it as deposit to buy IP but with another bank? Or that money must stay with ANZ account? I never have IP so have no idea how best to structure it, except to try to avoid X-Coll whenever I can, based on reading the forum.