[harrisonjamesMember@harrisonjamesJoin Date: 2009Post Count: 9]

November 13, 2012 - 11:55 pm

Thanks for the advice guys,

Your opinions pretty much all make it clear that the best option will be to get the IP as a stand alone loan and access the equity in my PPOR as a LOC and use that to help fund the next project.

Thanks again,

[harrisonjamesMember@harrisonjamesJoin Date: 2009Post Count: 9]

September 16, 2009 - 11:25 pm

I understand they arent structured properly but am leaning towards paying the break fee of 3k and setting that loan up as I/O which I should have done from the start.

Finance was due mainly they say to a $900 default on a phone bill of my partner from 2006. Even though this default was paid out in 2006 we were told most lenders wont touch our application, so plan B is to pay down our PPOR and try again soon.

[harrisonjamesMember@harrisonjamesJoin Date: 2009Post Count: 9]

July 21, 2009 - 9:39 am

Thanks Mike,

As many have said before me, great report!

Thank You,

Josh

[harrisonjamesMember@harrisonjamesJoin Date: 2009Post Count: 9]

July 15, 2009 - 7:54 am

So in answer to my dilemma, what would be my best bet with financing the new loan which will be approx $485k inclusive of s/d LMI etc?

May i be best to sell my property with all the equity and start again with a better structure?

Cheers.

[harrisonjamesMember@harrisonjamesJoin Date: 2009Post Count: 9]

July 13, 2009 - 10:30 am

Thanks for the quick reply.

We are in victoria and i havent confirmed if stamp duty is payable yet.

Yes you are right re two of the loans being cross collaterised but it was unavoidable at the time i bought my first IP.

If you are right and stamp duty is payable in vic, what other suggestions would you have with how we should best go about it?

Can i re finance the house with the equity to then divert it into our future PPOR?