Forums / Getting Technical / Finance / Loan structure for second IP

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  • Profile photo of gabmargabmar
    Participant
    @gabmar
    Join Date: 2005
    Post Count: 5

    Hi,

    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?

    Thanks,

    gabmar

    Profile photo of Jamie MooreJamie Moore
    Participant
    @jamie-m
    Join Date: 2010
    Post Count: 5,069

    Hiya

    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.

    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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