Hi folks,
Going about the process of drawing down my existing loan on a property worth $480k with a loan balance of $250k, and I've been quoted LMI of $800 to draw to 80% and $7300 for 90% (this is a lender that charges LMI even to 80%).
The one month penalty interest etc is probably too much to pay at this stage to refinance with another lender, but my question is... I'm looking at buying two IPs soon, and so should I just wear the LMI to draw down to 90% now so that I will have to borrow only 80% LVR on each of the next two IPs, or should I stick with 80% and instead pay some LMI on those two properties (hopefully only one) to go above 80%? Looking at the $400k mark for each of the next two.
Thank you,
Mal
Going about the process of drawing down my existing loan on a property worth $480k with a loan balance of $250k, and I've been quoted LMI of $800 to draw to 80% and $7300 for 90% (this is a lender that charges LMI even to 80%).
The one month penalty interest etc is probably too much to pay at this stage to refinance with another lender, but my question is... I'm looking at buying two IPs soon, and so should I just wear the LMI to draw down to 90% now so that I will have to borrow only 80% LVR on each of the next two IPs, or should I stick with 80% and instead pay some LMI on those two properties (hopefully only one) to go above 80%? Looking at the $400k mark for each of the next two.
Thank you,
Mal