By the sounds of it the CBA are going to make it difficult for me. I will organize an appointment and find out how much they will lend me and organize an evaluation and go from there.
I am contemplating fixing a percentage of my PPOR loan which will lower my repayments slightly but still allow me to put extra money on my variable and be able to redraw from that. Will doing this affect me aquiring a sub loan?
Thanks for clearing that up for me Jamie, so would you suggest that buying an investment property and having it IO is a good idea? To try and have the rent paying for a majority of the interest? I'm just trying to get an idea on how most investors afford their second property, whether its just there large wage that allows them to afford the loan or they just pay off a lot of there first IP and use the large amount of equity to purchase it?
Thanks for your quick response. To answer your questions my loan is through the commonwealth bank, and I was hoping to use my equity and a bit of savings to purchase the IP. Sorry I don't understand what you mean by taking out a new sub loan?
