All Topics / The Treasure Chest / Equity or Deposit…

Viewing 9 posts - 1 through 9 (of 9 total)
  • Profile photo of TassTass
    Participant
    @tass
    Join Date: 2003
    Post Count: 25
    September 5, 2003 - 9:36 am

    Still to buy my 1st IP , unsure if I should use my equity or cash deposit so that the bank doesnt have my PPOR linked to my IP, any suggestions .
    Appreciate hearing what other people would do,

    Thanks Tass [:)]

    Profile photo of MelanieMelanie
    Member
    @melanie
    Join Date: 2003
    Post Count: 382
    September 5, 2003 - 9:44 am

    Howdy [:)]

    You’ve got lots of good options. If you have your PPOR loan structured correctly you can ‘draw out’ the equity and self-securitise the new loan with the best product available and without restricting future options with own home by having it cross-collateralised. Using other savings is fine too – really depends on your current income, equity etc AND your long term goals.

    Have you been to a broker to discuss your options?

    [8)]
    Mel

    Profile photo of TassTass
    Participant
    @tass
    Join Date: 2003
    Post Count: 25
    September 5, 2003 - 9:52 am

    Thanks Mel , No I havnet talked to a broker yet . My bank lender said he can do it all but I would prefer to talk to a broker or acct 1st . Anyone suggest a good broker in the Newcastle region ?

    Tass

    Profile photo of MelanieMelanie
    Member
    @melanie
    Join Date: 2003
    Post Count: 382
    September 5, 2003 - 9:57 am

    Banks can be good too – dare I ask ‘which bank’ ? [8)]

    Wish I knew a local broker to send you to, but what have the bank has recommended – the forum brokers may be able to help.

    [:)]
    Mel

    Profile photo of TassTass
    Participant
    @tass
    Join Date: 2003
    Post Count: 25
    September 5, 2003 - 10:07 am

    Hi Mel ,

    Yes have no prob dealing with the bank, just feel I will get some outside info also. (broker)
    CBA is my bank.

    Have my PPOR set up so I can redraw my equity, just not rushing into it, wont to have as many facts and info as possible . [:)]

    Tass

    Profile photo of picja1picja1
    Member
    @picja1
    Join Date: 2003
    Post Count: 144
    September 5, 2003 - 10:45 am

    Keep your PPOR loan seperate from your IP loan, another words use two different lenders.

    I’m not Newcastle, but quite free to drop me a line.

    [email protected]

    Profile photo of TerrywTerryw
    Participant
    @terryw
    Join Date: 2001
    Post Count: 16,213
    September 5, 2003 - 11:46 am

    If your PPOR isn’t paid off, then put you cash off that loan, and then get a LOC (or just a loan with redraw) on your home. Use this money as deposits for loans with a different bank.

    Terryw
    [email protected]

    Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
    http://www.Structuring.com.au
    Email Me

    Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au

    Profile photo of Mortgage HunterMortgage Hunter
    Participant
    @mortgage-hunter
    Join Date: 2003
    Post Count: 3,781
    September 5, 2003 - 1:37 pm

    Tass,

    Very easy to use either cash or equity to avoid x-coll. Shouldn’t need to refinance either.

    Might I mention at this point that I am in New Lambton.

    I would be happy to help you out in any way.

    Simon Macks
    Mortgage Hunter
    [email protected]
    0425 228 985

    Profile photo of TassTass
    Participant
    @tass
    Join Date: 2003
    Post Count: 25
    September 5, 2003 - 11:42 pm

    Thanks for the replies , advice & emails, will be in touch soon .

    Thanks Tass .

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