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i meant 55 k spare 130-75=55.cheers
gday steve
looks like ill just squeeze into a doc LOC with ANZ or NAB at about 6.5 20%LVR putting down 50k plus closings plus 15 reno costs totalling around 75k (leaving 65k spare)one month later well show the receipts and revalue from 257k to perhaps 300k(say).
does this mean I could add 33k to my bottom line on my LOC, totalling 65k + 33k. then I could actually start using the LOC as its stagnant if sitting on 20% equity (50k).
Is there really any point in extending the LOC after revaluation? What does it prove? I wont have any non-deductible debts as Ill be living in a flat owned by my trust as the tenant.
Thanks again for answering Steve.
geGreat stuff,
If it really is just that easy Im sorted.Thanks. I thought it was but when I read something in the COCR page on the site it threw me a curveball – and I thought I was missing something.I suppose the assumption is that one day we will eventually own the property outright, so we use the total price and ROI rather than COCR to make an initial judegment….and we wnat the money back in ten years and whether its ours or the banks is neither here nor there when scouting.
Cheers.
