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Viewing 7 posts - 1 through 7 (of 7 total)
  • Profile photo of CJ032CJ032
    Participant
    @cj032
    Join Date: 2009
    Post Count: 8
    February 6, 2010 - 11:18 pm

    Hi Mark,

    Thanks for your report. It did make a big decision on our offering price now! Appreciate it very much.

    Cheers.

    Profile photo of CJ032CJ032
    Participant
    @cj032
    Join Date: 2009
    Post Count: 8
    January 14, 2010 - 8:33 am

    In that case maybe i can go back with CBA and ask for 95% since I am their existing customer.

    Sorry to so many questions, whether anyone knows the different between topping up existing loan back to 80% and LOC?
    Are they in theory the same?

    Thanks

    Profile photo of CJ032CJ032
    Participant
    @cj032
    Join Date: 2009
    Post Count: 8
    January 12, 2010 - 11:35 am

    Thanks guys. Will try to hunt down the lenders who can lend up to 95%.
    knowledge is power totally agree with you YI

    cheers

    Profile photo of CJ032CJ032
    Participant
    @cj032
    Join Date: 2009
    Post Count: 8
    January 12, 2010 - 11:10 am

    Can anyone see anything wrong with this structure (used from what I have understand so far)?

     

    PPOR $430k(100%) with $322k (loan amount)

     I am trying not to exceed 80% of the total value PPOR to avoid LMI (which is not tax deductible)

    80% of total value is $344k

    Maximum LOC I can withdraw is $344k-$322k = $22k (use as deposit for IP)

    I assume I can borrow up to 95% / 90% +LMI (which is tax deductible) for next IP. (Will any lender actually borrow that much in current financial situation?) Both our combine income is more that 100k per annum.

    cheers,

    CJ

    Profile photo of CJ032CJ032
    Participant
    @cj032
    Join Date: 2009
    Post Count: 8
    January 12, 2010 - 8:09 am

    cheers guys, maybe I need to rethink going towards getting my first IP for now and wait until I have enough equity to do so.
    Meanwhile,keep myself educated!

    thanks!!!

    Profile photo of CJ032CJ032
    Participant
    @cj032
    Join Date: 2009
    Post Count: 8
    January 12, 2010 - 2:41 am

    Thanks for your advice Richard, are you suggesting another way of structuring this or is it similiar to split my current exising loan. Sorry am a little confuse.

    cheers
    CJ

    Profile photo of CJ032CJ032
    Participant
    @cj032
    Join Date: 2009
    Post Count: 8
    January 11, 2010 - 9:56 am

    Thanks Terry for your advice. I know very little about loan splitting, would you mind explaining how does loan splitting works?
    With regard to the point that you made about using the deposit and stamp duty from the new split, does it mean that we create a line of credit from the split and access the fund from it?

    Also if we paid off the home loan down to approx. $320k using funds from our offset account, how much should we split the loan?
    Sorry to ask stupid question !! I have done a lot of readings on the internet but i think the advice given is not as good as in this forum :) :)

    cheers
    CJ

Viewing 7 posts - 1 through 7 (of 7 total)