If I was to refinance and give the new lender security over 3 properties worth approx 1 million dollars with a debt of $300,000, does that mean I could access $700,000 if this was set up as a line of credit.
Cheers
Marty
No.
If the debt is $1mil, you would only get 80% of this = $800,000 less your current loan of $300,000. So that would be $500,000.
There are also many factors that the lender will want to take into account such as your income (you will have be be able to afford the repayemnts on $800,000) and what you want the money for.
Terryw
Discover Home Loans
North Sydney
[email protected]Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Marty
It may be a good idea to consider spreading your debt with a couple of lenders,
Regards
Steven
Mortgage Broker[email protected]
http://www.mobilemortgagemarket.com.au
Ph:1800 820 500
VictoriaPLEASE note comments made should NOT be taken as specific taxation, financial, legal or investment advice. Please seek professional, specific advice.
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