All Topics / Finance / Selling an IP to Purchase another IP

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  • Profile photo of manlysurferchickmanlysurferchick
    Member
    @manlysurferchick
    Join Date: 2003
    Post Count: 2
    October 29, 2004 - 2:20 am

    Hiya! [bow]

    Just wondering if anyone can enlighten me on the following:

    I have an investment loan on an IP – the loan is for $300k and i have re-draw of $30k (so the loan balance is $270k).

    If i sold this property and wanted to purchase a new IP, do i have to re-pay the current loan and take out a new loan? Or can i transfer the existing loan over?

    Thanks!

    c

    Profile photo of Mobile MortgageMobile Mortgage
    Member
    @mobile-mortgage
    Join Date: 2003
    Post Count: 913
    October 29, 2004 - 2:44 am

    Hi Carly,
    This will depend on the LVR of the original loan and the LVR on the new IP, and providing your current loan is portable.

    Regards
    Steven
    Mortgage Broker

    [email protected]
    http://www.mobilemortgagemarket.com.au
    Ph:0402483216
    Ph:1800 820 500
    VICTORIA

    PLEASE note comments made should not be taken as specific taxation, financial, legal or investment advice.

    Profile photo of manlysurferchickmanlysurferchick
    Member
    @manlysurferchick
    Join Date: 2003
    Post Count: 2
    October 29, 2004 - 3:21 am

    Thanks for your guidance Steven – now i know where to start! Have a great afternoon [bow]

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