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  • Profile photo of Magpie SeasonMagpie Season
    Participant
    @magpie-season
    Join Date: 2013
    Post Count: 3
    March 25, 2014 - 10:50 am

    Hi Thanks for your advice.

    I wanted to keep my options open with the 50k . .

    Maybe at some point i can use it as a deposit for another IP avoiding LMI.

    Profile photo of Magpie SeasonMagpie Season
    Participant
    @magpie-season
    Join Date: 2013
    Post Count: 3
    April 8, 2013 - 11:36 pm

    Good post xdrew . I am refinancing an IP at the moment and looking to buy another . My broker initially said to get a LOC but now seems to have gone cold on the idea , ive never used a credit card. He prefers now to only borrow for a deposit .

    In researching HELOC one point that stuck out is its better to setup a LOC while your healthy because if you break a leg say or off work for an extended period it will be more difficult to obtain any credit to pay the mortgage bills etc.

    Income insurance seems very expensive and my wife is a long way from a good salary.

    Is it possible to get an LOC at home loan rates or is there always a premium ? What is the normal premium?

    Any other thoughts on an LOC welcome

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