All Topics / Help Needed! / Using parents equity for a renovation

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  • Profile photo of AC80AC80
    Participant
    @ac80
    Join Date: 2010
    Post Count: 4
    September 20, 2010 - 8:16 am

    Hi all,
    I have an IP in South Penrith that I want to renovate just a basic renovation ie new kitchen, new carpet/polished floor boards, paint, blinds and fittings.

    Im looking to spend 10-15k  but i was wondering if it's possible to use some equity from my parents house which they fully own to pay for the reno so I can keep my money for my next IP or will I need to pay for it all myself?

    Thanks.

    Profile photo of TerrywTerryw
    Participant
    @terryw
    Join Date: 2001
    Post Count: 16,213
    September 20, 2010 - 8:53 am

    They can lend the money to you from their redraw or LOC.

    It will be difficult for you to get a loan by mortgaging their property as you are not the owner. It may also be easier and less messy to just use a credit card for such an amount and not involve the parents.

    Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
    http://www.Structuring.com.au
    Email Me

    Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au

Viewing 2 posts - 1 through 2 (of 2 total)

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