All Topics / Finance / withdrawing equity on IP

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  • Profile photo of redleavesredleaves
    Member
    @redleaves
    Join Date: 2006
    Post Count: 54
    December 3, 2011 - 6:49 am

    I have an investment property worth around $355000 and has $282000 owing.

    I’d like to withdraw $20000 in equity – is this possible? and if so, it is possible to do it without having to take out more LMI?

    thanks
    RL

    Profile photo of TerrywTerryw
    Participant
    @terryw
    Join Date: 2001
    Post Count: 16,213
    December 3, 2011 - 10:27 pm

    It could be possible.

    But not without LMI or a similar risk fee like on the ING products.

    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 Jamie MooreJamie Moore
    Participant
    @jamie-m
    Join Date: 2010
    Post Count: 5,069
    December 3, 2011 - 11:11 pm
    redleaves wrote:
    I have an investment property worth around $355000 and has $282000 owing. I'd like to withdraw $20000 in equity – is this possible? and if so, it is possible to do it without having to take out more LMI? thanks RL

    Should probably be doable – depends on your lender. LMI is generally payable when going over 80% (not all the time depending on the lender) – if you've already paid LMI then it will be a top up on your existing premium (which will be far less than a new LMI policy).

    Cheers

    Jamie

    Jamie Moore | Pass Go Home Loans Pty Ltd
    http://www.passgo.com.au
    Email Me | Phone Me

    Mortgage Broker assisting clients Australia wide Email: [email protected]

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