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  • Profile photo of flare_windmillflare_windmill
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    @flare_windmill
    Join Date: 2004
    Post Count: 3
    September 19, 2010 - 11:38 pm

    Hi tony,

    Thanks for the advice. I think at this stage I'll go with the idea of topping up my existing loan and using it as a deposit. It will make life during tax time simplier!

    Will the bank work out my maximum lending amount of money without taking account the equity of my first investment property? As the interest component is deductable I'd like to leave the cash I've saved so far untouched (for a rainny day / renovations if it came up).   

    Profile photo of flare_windmillflare_windmill
    Member
    @flare_windmill
    Join Date: 2004
    Post Count: 3
    September 13, 2010 - 10:16 am

    So by the sounds of things, you can have 2 loans with the same lender and not have the 2 IP cross colateralising? That certainly is great news.

    I currently have approximately 40K sitting in my first IP loan account offsetting it (with commonwealth bank)….As I mentioned the equity growth in my first IP will be approximately 100K.

    What is the best option….stick with my current bank and get another mortgage for the 2nd IP?
    Or Go to another bank with the LOC and leave cash in the account untouched?

    I intend to claim the interest component as a tax deduction hence I'm tempted to go with another bank other than my current lender as long as they are willing to give me an interest only loan.  

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