[PT18Participant@pratik-tripathiJoin Date: 2017Post Count: 6]

August 16, 2017 - 6:01 pm

Thanks very much Benny for your prompt response. I shall do what you’ve mentioned.

[PT18Participant@pratik-tripathiJoin Date: 2017Post Count: 6]

March 29, 2017 - 2:01 pm

Thanks all for your inputs. Much appreciated.

[PT18Participant@pratik-tripathiJoin Date: 2017Post Count: 6]

March 21, 2017 - 4:30 pm

Hi Ethan,

Not sure if I have made myself clear here, but my current home loan is owner-occupied which I had paid LMI on and I will be refinancing to another lender for better interest rates. Now, although current loan balance is $355k, I can get up to $430k when re-financing without incurring any LMI. This can give me extra $65k in cash.

Now, my question is whether I should use that $65k (+ cash from offset account) towards deposit on IP (& thus keeping LVR for IP to < 80%) or should I keep my OO loan to $370k (this will give me $15k + I can use cash in offset account towards deposit on IP) and apply for maximum investment loan which may incur LMI? What are the pros and cons with both of these approaches?

Thanks in advance.

[PT18Participant@pratik-tripathiJoin Date: 2017Post Count: 6]

March 21, 2017 - 10:13 am

Hi there,

Current property value is $540k – $550k, yes, I paid LMI on this property previously.

Looking for IP < $350k.