I'm also pretty new at this and I have just been reading the post on x-collat and I'm afraid to say "I still don't get it!" and would appreciate your advice please.
My PPOR is valued at $550k with $125k owing.
A couple of months ago I purchased a unit $125k, using the equity and security of PPOR.
I am now looking at puchasing another at $105k, using eq & sec PPOR, but see the advice from the majority is not to do this because it will tie up all loans...what security do I use for 2nd IP please?
thanks,
confused
My PPOR is valued at $550k with $125k owing.
A couple of months ago I purchased a unit $125k, using the equity and security of PPOR.
I am now looking at puchasing another at $105k, using eq & sec PPOR, but see the advice from the majority is not to do this because it will tie up all loans...what security do I use for 2nd IP please?
thanks,
confused