Forum Replies Created
Hello Kris
It is always good to get a second opinion and I must start by saying I am a little disappointed that you have not responded to my earlier post.
I agree with Richard and Terry with using various lenders but sometimes it is good to stay with one Bank, because the more you borrow with them the higher they discount their rates and fees.
I would appreciate a response.
Regards
James Bunning
Hello Kris,
I hope this email finds you well, it is very hard to give you tips without knowing the full details, I gather with you taking out the 50,000 from your home loan, that you will now owe 420,000 not 470,000. You are very close to 80% loan to security ratio (LVR)accross both properties at 420,000. If you are above 80% LVR you normally have to pay lenders mortgage insurance this is a once off payment. I quickly worked out you may need another $6000-7000 more to avoid mortgage insurance. (note this will need to be savings you can't then owe 427,000) You can stay with one lender if you like and purchase the property at 100% plus costs. It could be worth while having the new loan as interest only. Just be careful of Lenders Mortgage Insurance
Happy to answer more questions if you want
Regards
James Bunning
Mortgage Choice Dandenong
[email protected]
