Hi,

Although I understand what Cross Collaterisation is, I am unable to tell if this is what the bank has done based on what I am reading in my loan documents (I am in the process of checking with my broker though…)

Investment loan 1 was taken out about 5 years ago…interest only
When investment loan 2 was taken out 6 months ago…I was sent…[Read more]

Yes, I have always gone through a broker.

Thanks very much for the info Shahin.

Next time, so next time I need to ensure I pay LMI on each loan individually.

Property 1 – Loan limit $353,000. Valuation 6 months ago $450,000
Property 2 – Loan limit $440,000. Valuation 6 months ago $430,000

Hi Shahin,

Yes it is 2 separate properties, each with different loans setup.
According to the last valuation, the first property is valued at approx $450,000 and the second (newly purchased) is still valued at pretty much the same as the loan amount.

Thanks for your response, I know this is a very general topic, however I want to ensure I…[Read more]