EQUITY IN YOUR INVEST PROP

Viewing 4 posts - 1 through 4 (of 4 total)

chief007
Participant
@chief007
Join Date: 2004
Post Count: 11
October 9, 2004 - 7:40 am
hI GUYS I CURRENTLY HAVE AN ip WORTH 320k with a loAn of 215K. I have seen a nice investment property for $250K I WANT TO BUY AND I WANT TO YOU THE EQUITY I HAVE IN MY FIRST ip OF $105k TO USE AS A DEPOSIT. i HAVE ONE QUESTION IS THIS POSSIBLE AND WILL THE LENDER TAKE A MORTGAGE OVER THE $105k EQUITY I HAVE IN MY 1ST ip i haVE?URGENT ASSISTANCE NEEDED THANKS.
FlyHigh
Member
@flyhigh
Join Date: 2004
Post Count: 24
October 9, 2004 - 7:49 am
If lender has valued IP at $320k then would expect them to loan up to 80% of value therefore you could get another $41k (max loan amt 256k less current loan of 215k)
FlyHigh [cap]
Mobile Mortgage
Member
@mobile-mortgage
Join Date: 2003
Post Count: 913
October 9, 2004 - 9:05 am
Hi louroza,
With $41K available equity/deposit, you will be in need of a 90/10 or possibly a 95/5 loan with LMI.
Regards
Steven
Mortgage Broker
[email protected]
http://www.mobilemortgagemarket.com.au
Ph:0402483216
Ph:1800 820 500
VICTORIA
PLEASE note comments made should not be taken as specific taxation, financial, legal or investment advice.
Terryw
Participant
@terryw
Join Date: 2001
Post Count: 16,213
October 10, 2004 - 12:31 pm
louroza, and don’t forget you will need to pass serviceability as well – ie have enough income to qualify.
Terryw
Discover Home Loans
North Sydney
[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