My situation:
PPR valuation should exceed $600k Loan $360k
IP valuation $400k loan( interest only) $300k
Both the loans are stand alone with different banks.
Thinking of another IP for under $400k. Need a good broker for advise.
Hi SC
Without knowing too much of your details – and based on the limited info available I'd probably look to tap into the equity against the PPOR – set it up as a second split to cover the deposit/costs on the next IP. I'd then set up a separate, stand alone loan to cover the remaining balance of the IP.
All in all, your equity position is good – it's just a matter of assessing your borrowing capacity amongst a few other things to work out the best option.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
I'd call Jamie here for more info, especially if you're uncomfortable divulging more info here.
Oscar
Hi _ do you have any further information. What are your goals? Upfront valuations will determine your true equity position and this will be a good starting point. However, we will need to know the income side of the equation to have a look your ability to leverage that equity into other investments
Don Nicolussi | Mortgage Broker - Home Loan Warehouse
http://homeloanwarehouse.com.au
Email Me | Phone Me"I think of finance as a technology, a way of getting things done." Robert Shiller
It seems you have a reasonable equity position and setting up your IP loan as interest only is the correct thing to do so it's been a good start by yourself.
As others have mentioned, more information would be needed before making recommendations.
Cheers
Tom
Welcome to the forum SC and i hope you enjoy your time with us.
I always favour reducing the amount of debt secured against your PPOR for the IP deposit so would probably suggest it is a matter of working backwards.
What we would look to do is establish what you would need to cover say a 10% deposit on a 400K purchase and then add in the acquisition costs etc.
Then we look at restructuring your current PPOR loan to raise the shortfall.
Assuming you have sufficient income to support the total borrowings i cannot see any initial problems but as mentioned probably a matter of organising an upfront valuation on your PPOR to work out what equity you have to play with.
All in all structured correctly you should be able to acquire the new property and put you in a position to start reducing the non deductible debt on your PPOR and set yourself up for further investment acqusitions.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
What do you need advice on? Consider structuring and tax and a few asset protection strategies as well.
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
SC2007 hope you have found a good broker to talk about your situation and they were able to help you
DaOne | Oras Finance - Your Local Mortgage Broker
http://www.ihomeloans.net.au/
Email MeHelp you make your dreams come true: https://www.youtube.com/watch?v=sB3KpKX4UsI
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