Hi,
I am moving from my PPOR (worth around $400K) with a loan of $30K (loan of $85K and $55K sitting in offset account).
I am planning on first buying another PPOR (PPOR priced at around $500K) and then selling my current PPOR ($400K). I have a pre-approved loan (new loan of $550K, not bridging loan) from St George for the purchase of the new PPOR.
Now should i use the 50K (sitting in the offset A/C) as the 10% deposit for the new PPOR ($500K) or should i get a 'deposit insurance bond' from the bank for a small fee.
I am worried if i use up the $50K in the offset account then i will have almost no funds left for any contingent expenses. Thanks.
I am moving from my PPOR (worth around $400K) with a loan of $30K (loan of $85K and $55K sitting in offset account).
I am planning on first buying another PPOR (PPOR priced at around $500K) and then selling my current PPOR ($400K). I have a pre-approved loan (new loan of $550K, not bridging loan) from St George for the purchase of the new PPOR.
Now should i use the 50K (sitting in the offset A/C) as the 10% deposit for the new PPOR ($500K) or should i get a 'deposit insurance bond' from the bank for a small fee.
I am worried if i use up the $50K in the offset account then i will have almost no funds left for any contingent expenses. Thanks.