Hi All, first time poster, please go easy if these are NOOB questions
I have a PPOR and brought IP1.
PPOR loan1 70K in joint names of me/wife
PPOR loan2 140k in joint names of me/wife
Currently valuation of PPOR came at 500K with equity of 260k.
IP1 costs 400K, planning to borrow 80% from the bank with rest of 20% + costs to be funded from my equity.
I am thinking of getting two equity loans of 100K, 90K (400k - 140k - 70k) with their own offset accounts and use the 100K to fund the 20% + costs of IP1. Does this sound OK or shall i do away with offset for these equity accounts and redraw to fund the expenses of 20%+ costs
As equity loan is in joint names, and I am the sole earner, how to structure loan so i can claim her part of interest which is used to by IP1.
Lots of questions i know, thanks for looking.
VG
I have a PPOR and brought IP1.
PPOR loan1 70K in joint names of me/wife
PPOR loan2 140k in joint names of me/wife
Currently valuation of PPOR came at 500K with equity of 260k.
IP1 costs 400K, planning to borrow 80% from the bank with rest of 20% + costs to be funded from my equity.
I am thinking of getting two equity loans of 100K, 90K (400k - 140k - 70k) with their own offset accounts and use the 100K to fund the 20% + costs of IP1. Does this sound OK or shall i do away with offset for these equity accounts and redraw to fund the expenses of 20%+ costs
As equity loan is in joint names, and I am the sole earner, how to structure loan so i can claim her part of interest which is used to by IP1.
Lots of questions i know, thanks for looking.
VG