Hi All,
Dilemma!
I have just been told that my entire LVR position is 73%, and was advised by broker to top up to 90% to use for deposit on two new houses, which means I can draw approx. $80,000.
Now, I can either use my saving which is $50,000 and use as minimal amount of my LVR as possible to keep it low or I can use the minimum amount from my savings and place it in an offset account against one of the houses.
I am split on the decision, this is the first time I am doing anything like this and I am wary of a misstep.
Obviously the thing here is, using up the entire equity upto 90% means I have to make greater repayments every month on my existing properties, including the new acquisitions, but hold onto my savings...or I can use all of my savings keep my current repayments as small as possible.
I know what you are all going to say, it depends, but since you are all far more experienced than I, just wondering what the general consesus is here in regards to this with a goal of building a large real estate portfolio.
Kind Regards
Dilemma!
I have just been told that my entire LVR position is 73%, and was advised by broker to top up to 90% to use for deposit on two new houses, which means I can draw approx. $80,000.
Now, I can either use my saving which is $50,000 and use as minimal amount of my LVR as possible to keep it low or I can use the minimum amount from my savings and place it in an offset account against one of the houses.
I am split on the decision, this is the first time I am doing anything like this and I am wary of a misstep.
Obviously the thing here is, using up the entire equity upto 90% means I have to make greater repayments every month on my existing properties, including the new acquisitions, but hold onto my savings...or I can use all of my savings keep my current repayments as small as possible.
I know what you are all going to say, it depends, but since you are all far more experienced than I, just wondering what the general consesus is here in regards to this with a goal of building a large real estate portfolio.
Kind Regards