All Topics / The Treasure Chest / how soon?

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  • Profile photo of chericheri
    Participant
    @cheri
    Join Date: 2002
    Post Count: 23
    July 6, 2003 - 3:59 am

    hi everyone,
    i have a finance question i was hoping someone might be able to answer for me.
    we are about to settle ip #2, which is located in a rural area and as such we had to put up a 30% deposit. we are fine with the big deposit thing as we crunched the numbers (thanks again nick!) and did our due diligence and we’re happy with the outcome. my questiion is though, how long do we have to wait before we are able to realise the 30% equity we have in the place to purchase another? do we have to refinance to drag out the equity or is there another way.? of course this is assuming servicability is all ok.
    thanks in advance for your responses.[:D]
    rie

    Profile photo of RobJaniceRobJanice
    Member
    @robjanice
    Join Date: 2002
    Post Count: 27
    July 6, 2003 - 6:45 am

    Hi riegaz94

    1) pay it down

    2) value add

    3) capital growth

    Cheers
    Rob

    “A bank is a place where where they lend you an umbrella in fair weather and ask for it back when it begins to rain

    Profile photo of Stuart WemyssStuart Wemyss
    Member
    @stuart-wemyss
    Join Date: 2003
    Post Count: 598
    July 6, 2003 - 8:18 am

    You don’t have to refinance to another lender. You can stay with the same lender and just renegotiate or vary the mortgage based on a new valuation. You need this valuation to increase by approximately 40% to ensure you are able to pull out the full deposit (assuming a 70% LVR).

    Cheers

    Stu

    Property & Finance News
    at http://www.prosolution.com.au

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