gabmarParticipant@gabmarJoin Date: 2005Post Count: 5
I have started to research for my second IP and I’m seeking some advice on how to structure the mortgage. I’m planning to draw down from existing equity up to $ 120,000 to buy the second IP. I’m estimating around $ 450,000 + all related costs.
My question is do I go to my existing bank or seek another. If I stay with existing one should I open a new loan separate from the current one?
gabmarJamie MooreParticipant@jamie-mJoin Date: 2010Post Count: 5,069
You can stick with the same bank or approach another – just make sure the loans aren’t cross collaterised and it’s all set up correctly.
If unsure how to approach it – perhaps seek pro advice from a decent broker.
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