Getting around my Guarantor?

Hi Guys,

I’m looking at a number of investing options at the moment as I have some available cash (sitting on our current loan), however when we purchased my current unit for $465,000 last year I used my partners father as a guarantor. CBA required us to have a guarantor as we had just moved back from the living overseas for a couple of years and hadn’t been in our current jobs long enough.

We think we purchased the unit at a great price, the unit block is only 4 years old and we paid the same price as what the lovely old lady did when she brought for in 2002. It’s 2 bedrooms, 2 bathrooms, 2 garage spots, NE facing and the largest sqm in the block. Hard to say what it is now worth but our prediction is that it’s now valued at least $485,000.

So to get my partners father off the loan we know we need to get to 80% meaning getting the loan down to $388,000, currently at 410,000. Now I think we will get there by the end of next year so should I;
Be patient and wait until then? (But will we be able to straight away redraw the avaliable cash for a deposit on an investment property)?

Can I take out a separate loan for investment purpose?

Any thougths would be greatly appreciate.

Beachesboy[biggrin]