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  • Profile photo of harrisonjamesharrisonjames
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    @harrisonjames
    Join Date: 2009
    Post Count: 9
    November 13, 2012 - 11:55 pm

    Thanks for the advice guys,

    Your opinions pretty much all make it clear that the best option will be to get the IP as a stand alone loan and access the equity in my PPOR as a LOC and use that to help fund the next project.

    Thanks again,

    Profile photo of harrisonjamesharrisonjames
    Member
    @harrisonjames
    Join Date: 2009
    Post Count: 9
    September 16, 2009 - 11:25 pm

    I understand they arent structured properly but am leaning towards paying the break fee of 3k and setting that loan up as I/O which I should have done from the start.

    Finance was due mainly they say to a $900 default on a phone bill of my partner from 2006. Even though this default was paid out in 2006 we were told most lenders wont touch our application, so plan B is to pay down our PPOR and try again soon.

    Profile photo of harrisonjamesharrisonjames
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    @harrisonjames
    Join Date: 2009
    Post Count: 9
    July 21, 2009 - 9:39 am

    Thanks Mike,

    As many have said before me, great report!

    Thank You,

    Josh

    Profile photo of harrisonjamesharrisonjames
    Member
    @harrisonjames
    Join Date: 2009
    Post Count: 9
    July 15, 2009 - 7:54 am

    So in answer to my dilemma, what would be my best bet with financing the new loan which will be approx $485k inclusive of s/d LMI etc?

    May i be best to sell my property with all the equity and start again with a better structure?

    Cheers.

    Profile photo of harrisonjamesharrisonjames
    Member
    @harrisonjames
    Join Date: 2009
    Post Count: 9
    July 13, 2009 - 10:30 am

    Thanks for the quick reply.

    We are in victoria and i havent confirmed if stamp duty is payable yet.

    Yes you are right re two of the loans being cross collaterised but it was unavoidable at the time i bought my first IP.

    If you are right and stamp duty is payable in vic, what other suggestions would you have with how we should best go about it?

    Can i re finance the house with the equity to then divert it into our future PPOR?

Viewing 5 posts - 1 through 5 (of 5 total)