Loan Structure and which bank ?

Consolidating over just for rate isn’t taking into account your long term goals – or prudent long term finance strategy. Are you intending on buying many other properties? If so lender selection needs to be considered a bit more carefully – speak with an investment focussed finance strategist who can look at your scenario holistically, instead of taking stabs in the dark.

Then get yourself in front of a finance strategist then – otherwise whilst chasing rate, you might put yourself against a wall in terms of having a finance structure which allows you to borrow MORE.

Cartman

Hate to say doing anything in a hurry is usual a fatal long mistake.

Forget Liberty if you need anything done in a hurry as due to the volume of loans they have blown out on delivery time for assessment.

Seems to me like you haven’t really considered where you want to be in the future and that this might merely be a bad aid solution.

It sounds like settling the IP purchase is #1 priority to avoid being in default and then maybe getting things sorted.

In saying that still no reason why you can’t do both things at the same time subject to the settlement date.

With the equity you have in your current property i believe you could obtain a very competitive rate of interest as well structure your loans in a manner to help you move forward when you want to.

In the current climate often a matter of taking what you can get from a lender when you don’t necessarily need it as when you do you might find it is not available.

Plenty of options available from what i can see.

Cheers

Yours in Finance
0-40 Properties in a decade. Ask me how.

Hi Cartman,

Considering worst case.. should the banks decide to recover the house for the mortgages (default), I’d rather they take the IP, then the PPOR any-day / any-time.

All the more reason to NOT cross-coll. A Bank with several properties crossed will likely go for the one most likely to provide them their money back – and, in most cases, it is our PPOR’s that have been diligently paid off, NOT the IPs. So more equity available in the PPOR.

In my case, we chose to have our PPOR loans (used as deposits/costs for IPs) with one lender, and IP loans with other lenders. Just our way of keeping the PPOR as safe as possible.

Benny