Hi investors .
I have the opportunity to realize some funds from my IP’s
Roughly 80K .I currently have 3ip’s with CBA process of refi 1IP to nab and getting 20k split ( wanted loc but apparently loan to small for loc)
The other 2ip with cba are getting topped up to realize $60k
My question is should i get the 60k via a LOC or I/O split ?
Or maybe evan 30k LOC and 30K split ?My intention is to by another IP with either subdivision or renovation prospects and to use a LOC for the cost of reno or soft cost for submission .
and to also have a loc for a buffer incase of repairs etcI am leaning towards a LOC for the 60k CBA facility and the NAB as a I/O split loan !
What are your thoughts ?
Just get an IO loan with redraw – place the equity release funds in the redraw and use ONLY for investment purposes. The rate will be a bit cheaper.
Why are you refinancing to NAB? Did you get a better valuation with them?
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]
Hi Jamie
I am refi to NAB as my broker said its a must to allow for more borrowing with CBA or something along those lines .
I can understand the advantages of a split loan over a LOC , but seeings as i will be intending to keep a portion of those funds
as a buffer and reno/soft cost would it be beneficial to keen evan a portion as a LOC?
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