Hi All,
First of all just wanted to say great forum with lots of helpful info.
I'm still a newb at this so just wanted to get opinions/re-assurance that what I'm thinking is right.
Just under 2 years ago my wife and I got a house built (PPOR). It was valued at $420K on completion. Borrowed about 95% so owed about $400K on a standard variable rate loan.
The debt is now down to $370K but I believe the value of our house has gone up. Houses in our neighbourhood have been selling from $500K+.
So here is my question:
Just say our house value is now also $500K, would we be able to refinance/top-up our loan to 95% of $500K and put the new funds in an off-set account?
That way we would be getting charged less interest?
I hope that made sense.
Thanks in advanced.
BB.
First of all just wanted to say great forum with lots of helpful info.
I'm still a newb at this so just wanted to get opinions/re-assurance that what I'm thinking is right.
Just under 2 years ago my wife and I got a house built (PPOR). It was valued at $420K on completion. Borrowed about 95% so owed about $400K on a standard variable rate loan.
The debt is now down to $370K but I believe the value of our house has gone up. Houses in our neighbourhood have been selling from $500K+.
So here is my question:
Just say our house value is now also $500K, would we be able to refinance/top-up our loan to 95% of $500K and put the new funds in an off-set account?
That way we would be getting charged less interest?
I hope that made sense.
Thanks in advanced.
BB.