Hi All
I was hoping to tap into the wealth of knowledge out there in regards to my loan structuring, as it is something I want to get right before investing further.
I currently have 2 properties. A house which is my PPOR and a Unit (under the NRAS scheme), which is nearing completion and will be rented in the very near future. The mortgages on these properties are currently separate and also with separate institutions.
My PPOR I have on Principal and Interest weekly repayments, whereas my IP I have on Interest only monthly repayments.
I intend on purchasing further IP’s and also potentially changing my PPOR to a newer property and turning my current one into another rental property.
In essence, I have a couple of ideas, but I would like to know how each of you would structure your loans for the best results?
Cheers!
Hi JP888
Firstly welcome to the forum and I hope you enjoy your time with us.
Sounds to me like a perfect time to be looking to review your current lending set up and restructuring your loans.
Of course without knowing actual numbers it is difficult to provide you with too much accurate information but in the main
Good to hear that the 2 loans are separate and with different lenders. Did you end putting a deposit down on the IP or did you structure the deposit with a subloan.
I would also be converting your current PPOR loan to one of interest only and creating one or more sub accounts to allow for future deposits for both investing and PPOR acqusition.
As i say if the NRAS property is almost complete you probably need to move fairly quickly as sounds like you need a little loan restructuring.
Any questions ask away.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
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