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Thankyou for everybodies help. Just to let you know I’m a new zealand citizen but I reside in sydney. Thanks again. If you have anymore advise it will be much appreciated.
Thanks JohnThanks for the feed back,
I will be putting down a 20% deposit on my first property. The property will be positivly geared with tennants in the property. I will be buying in New Zealand but I want to be able to access the equity in the property ASAP to draw down to use as another deposit.
theloanarranger
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[/quote]Originally posted by theloanarranger:Hey John,
It would help to know if you have an owner occ property – is that the equity you will be tapping into? If so, simplest would be to get a line of credit on that up to 80% of valuation, and use the excess over any existing debt for a deposit (20% if possible to avoid Mort Insurance costs) and get a cheap as chips I.O. loan for the balance. Might I suggest you talk to a Mortgage Broker – that’s what we do! I’m in Sydney, but there are plenty of Brokers in these forums – probably a good idea to use one close to you, but not strictly necessary.
If you haven’t got an existing property with existing equity then just put down the smallest deposit the sums justify, perhaps using a loan that has a 100% offset attached, as somewhere to park your excess funds until you go again.
As I mentioned, think about using a Broker – the service is free, and most should be able to tailor a loan structure to suit your circumstances. Happy hunting.
theloanarranger
