PropertyInvesting.com | xfitzyx | Activity https://www.propertyinvesting.com/members/xfitzyx/activity/ Activity feed for xfitzyx. Fri, 01 May 2026 05:49:07 +0000 https://buddypress.org/?v=2.8.1 en-US 30 hourly 2 bba5801570309ce759c30f18e3488b98 xfitzyx replied to the topic Converting PPOR to IP and buying 2nd home. Looking for advice. in the forum Help Needed! https://www.propertyinvesting.com/topic/4409783-converting-ppor-to-ip-and-buying-2nd-home-looking-for-advice/#post-4693643 Mon, 05 Aug 2013 13:01:38 +0000 Sorry, I mean the refinanced loan will be less than 80% (just) to avoid LMI 425k as opposed to 430k I think..

]]> f6f706eec59c0f946fa6303d73fa5489 xfitzyx replied to the topic Converting PPOR to IP and buying 2nd home. Looking for advice. in the forum Help Needed! https://www.propertyinvesting.com/topic/4409783-converting-ppor-to-ip-and-buying-2nd-home-looking-for-advice/#post-4693642 Mon, 05 Aug 2013 12:49:16 +0000 Hey Jamie,

Sort of… refinancing to set up IO loan on current PPOR and clear off a bunch of personal debt (so planning to split the loan). This will then facilitate a 450-500k second loan for buying a new PPOR (with an offset account). I only need 5% deposit and will be taking that from my business initially. The 1st property has about 150k of…[Read more]

]]> ff9d59fea22a171d69e3d65acdebe9f1 xfitzyx replied to the topic Converting PPOR to IP and buying 2nd home. Looking for advice. in the forum Help Needed! https://www.propertyinvesting.com/topic/4409783-converting-ppor-to-ip-and-buying-2nd-home-looking-for-advice/#post-4693639 Mon, 05 Aug 2013 06:18:28 +0000 Ok that also makes sense.

So in that case is there a point in splitting the loan? If I don't split the loan, the lender will just cut me a cheque for the balance and I'll use that to clear off debt, but then would have a 430k loan (I guess eating up 40-50k of potential equity headstart).

Or maybe it doesn't make a big enough difference either…[Read more]

]]> cf534943e1c465603944ba156051aed6 xfitzyx replied to the topic Converting PPOR to IP and buying 2nd home. Looking for advice. in the forum Help Needed! https://www.propertyinvesting.com/topic/4409783-converting-ppor-to-ip-and-buying-2nd-home-looking-for-advice/#post-4693637 Mon, 05 Aug 2013 05:37:57 +0000 So I've progressed a bit further.

Currently planning to do the following:

Refinance to a new loan as follows:

1. Current PPOR – converting to Interest Only
Split 1 – $40k
Split 2 – $380k -> this is the remaining loan balance on existing loan

2. Pre-approval for Interest Only with Offset for $500k for new PPOR to build.

I think that's correct…[Read more]

]]> c4e37300b8ea4ab534b81d6bbc614e00 xfitzyx replied to the topic Converting PPOR to IP and buying 2nd home. Looking for advice. in the forum Help Needed! https://www.propertyinvesting.com/topic/4409783-converting-ppor-to-ip-and-buying-2nd-home-looking-for-advice/#post-4693636 Tue, 30 Jul 2013 05:04:01 +0000 Thanks for the advice so far all!

If my wife and I have a similar salary, and will continue to do so for the next few years, is there any particular way to structure the new purchase?

The current property is in both our names and I guess still will be after conversion to IP.

Cheers!

]]> c5caf4ba688fe210684a8c698df25f38 xfitzyx replied to the topic Converting PPOR to IP and buying 2nd home. Looking for advice. in the forum Help Needed! https://www.propertyinvesting.com/topic/4409783-converting-ppor-to-ip-and-buying-2nd-home-looking-for-advice/#post-4693635 Mon, 29 Jul 2013 12:34:10 +0000 I think that will be the plan!

]]> 9c8be21522604dccd2a5290c274746bd xfitzyx replied to the topic Converting PPOR to IP and buying 2nd home. Looking for advice. in the forum Help Needed! https://www.propertyinvesting.com/topic/4409783-converting-ppor-to-ip-and-buying-2nd-home-looking-for-advice/#post-4693632 Mon, 29 Jul 2013 06:33:54 +0000 Great that makes sense. I think at this stage that money in the IP won't be used to buy the PPOR. Going forward once I have both I just need to figure out whether to pay down the PPOR, or pay down the IP as a preference. From what I've read, paying down the PPOR makes sense as it's not the investment asset?

]]> ba7656650aa8df88bb6e5871d26abc60 xfitzyx replied to the topic Converting PPOR to IP and buying 2nd home. Looking for advice. in the forum Help Needed! https://www.propertyinvesting.com/topic/4409783-converting-ppor-to-ip-and-buying-2nd-home-looking-for-advice/#post-4693630 Mon, 29 Jul 2013 05:18:13 +0000 Hi Jamie,

Currently the existing loan is P&I, and only converting to Interest Only as part of the refinance (in the next month). Will continue to live in the premise for approx 12 months more, while building a second property.

Hope that helps clarify?

Cheers!

]]> 77fa17a2886d290ed8b54a5bbe926be8 xfitzyx replied to the topic Converting PPOR to IP and buying 2nd home. Looking for advice. in the forum Help Needed! https://www.propertyinvesting.com/topic/4409783-converting-ppor-to-ip-and-buying-2nd-home-looking-for-advice/#post-4693629 Mon, 29 Jul 2013 05:17:09 +0000 Hi Dustin,

Current loan balance is 380 (P&I) but refinancing now to interest only at 430-ish. Will be moving out in 12 months to a new PPOR.

Cheers

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