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  • Profile photo of kevwakevwa
    Member
    @kevwa
    Join Date: 2010
    Post Count: 1
    January 13, 2012 - 4:01 am

    Valuation = $340k x 0.9 = $306,000
    CBA Loan = $283k

    Current Loan AMP = $306, 000

    LMI Paid was $8000 Correct ?

    so you paid off the CBA loan with the $306,000 leaving you with $23,000  (306,000 – 283,000)

    Take out the LMI you should have $15,000 in equity. (23,000 – 8,000)

    A loan account with -$306,000
    and an offset account that should have $15,000.

    Unless you asked for the proceeds to be disbursed to a different account?

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