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  • Profile photo of Sark0605Sark0605
    Participant
    @sark0605
    Join Date: 2016
    Post Count: 6
    April 30, 2017 - 11:22 am

    I understand it is required so they can represent me in auctions ?

    Profile photo of Sark0605Sark0605
    Participant
    @sark0605
    Join Date: 2016
    Post Count: 6
    April 29, 2017 - 6:46 pm

    I will not be paying any LMI since i am not borrowing more than 80% anywhere thanks to equity.

    Anyways i think option 2 is better since i am taking advantage of available equity now. It might go down in a couple of years and I wont have access to it. It also keeps the LVR down on new property for new bank since it will use IP3 as security.

    Profile photo of Sark0605Sark0605
    Participant
    @sark0605
    Join Date: 2016
    Post Count: 6
    April 29, 2017 - 11:06 am

    Yes thats right …i put the wrong percentage in .apologies..eg
    IP 1 : equity available 100K
    IP 2 : equity available 80K
    new IP 3 : PP is 500K
    Serviceability is 500K

    Options without LMI
    1. New loan 80% and 20% equity from IP 1..both LVRs for IP1 and IP3 will be 80%
    2. Access all available equity (180K) from IP 1 and IP 2 and borrow remaining from new loan (320K). LVR for both IP 1 and IP2 80% and IP3 LVR 64%

    Total borrowing will still be 500K and I wont pay LMI with both options. In that case which option above is better and why ?

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