All Topics / Finance / Financing reno on Investment Property

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  • Profile photo of KristineKristine
    Member
    @kristine
    Join Date: 2003
    Post Count: 100
    February 20, 2008 - 9:42 pm

    Hi I need to spend 10,000 on renos on My Invesment Property…..I was thinking of getting $$$ from Investment loan bit it will cost me $800 to get 10,000 ..I have $$$ in my redraw on my PPOR….so my second thought was its easier if i use that $$$ instead….another reason is to because PPOR is in Australia and Investment Loan is in NZ in the long run it would cost me more $$$ to get it from NZ Loan because of higher interest rates over there
    What are your thoughts on this what would you do if you where me ??
    any help would be greatly appreciated thanks

    Profile photo of ducksterduckster
    Participant
    @duckster
    Join Date: 2004
    Post Count: 1,674
    February 25, 2008 - 7:38 am

    see if you can get a line of credit set up on PPOR so that you can separate PPOR loan in australia from your investment purposes otherwise it will be difficult to separate interest on investment and interest on PPOR.
    Ask the bank

    Profile photo of Richard TaylorRichard Taylor
    Participant
    @qlds007
    Join Date: 2003
    Post Count: 12,024
    February 25, 2008 - 9:10 am

    Which State is the security located.

    You might be able to get a quick short term second mortgage to get started and then can establish the Line of Credit later.

    Richard Taylor | Australia's leading private lender

    Profile photo of KristineKristine
    Member
    @kristine
    Join Date: 2003
    Post Count: 100
    February 25, 2008 - 10:39 am

    Victoria

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