Hi all,
I need some advice and guidance... Situation is my PPOR is almost paid off so I have a lot of equity to play with... My goal is to reach 6 investment properties in the short term and maybe a couple more later on...
Now not knowing much about X-coll but I knew it's better not to go down that route... I told my broker this and he said ok no probs... I told him I want to keep my PPOR loan with ING and borrow from another lender to purchase these properties... He said fine... My lender of choice was Suncorp... Fast forward, I find 2 properties that I like and made an offer on them.. Offer was accepted and loan contracts with through the normal process...
However I later on found out that I'm now refinanced and they will close the ING mortgage and now my PPOR and the investment properties will be with Suncorp...I rang and spoke to the broker and blah blah blah I realise he had X-Coll even though I didn't want him to... I felt it was a bit too late and I didn't want to risk losing the properties I plan on purchasing so I stuck with it...
Now researching further people are saying that X-Coll will make it harder to build a large property portfolio and this has made me worry. My current lvr which if you include PPOR and the 2 investment property is 46%
What should I do? For me I don't think I would go more than 6 properties anyway... Should I address it now or just continue down this path?
I now know what people on SS mean when they say find a good broker...
I need some advice and guidance... Situation is my PPOR is almost paid off so I have a lot of equity to play with... My goal is to reach 6 investment properties in the short term and maybe a couple more later on...
Now not knowing much about X-coll but I knew it's better not to go down that route... I told my broker this and he said ok no probs... I told him I want to keep my PPOR loan with ING and borrow from another lender to purchase these properties... He said fine... My lender of choice was Suncorp... Fast forward, I find 2 properties that I like and made an offer on them.. Offer was accepted and loan contracts with through the normal process...
However I later on found out that I'm now refinanced and they will close the ING mortgage and now my PPOR and the investment properties will be with Suncorp...I rang and spoke to the broker and blah blah blah I realise he had X-Coll even though I didn't want him to... I felt it was a bit too late and I didn't want to risk losing the properties I plan on purchasing so I stuck with it...
Now researching further people are saying that X-Coll will make it harder to build a large property portfolio and this has made me worry. My current lvr which if you include PPOR and the 2 investment property is 46%
What should I do? For me I don't think I would go more than 6 properties anyway... Should I address it now or just continue down this path?
I now know what people on SS mean when they say find a good broker...