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  • Profile photo of markoriomarkorio
    Member
    @markorio
    Join Date: 2003
    Post Count: 3
    November 27, 2003 - 5:46 pm

    It is possible to refiance your home loan and put the remainder in a line of credit that does not attract interest until it is partially or fully drawn;
    It will act like a credit card with a limit that has not been touched.

    Mark

    [email protected]

    Profile photo of markoriomarkorio
    Member
    @markorio
    Join Date: 2003
    Post Count: 3
    November 27, 2003 - 5:38 pm

    Mikey,
    Since you mention that you are looking for a portfolio I am guessing that you will be applying for an investment loan. If this is the case then you would normally be able to borrow around 90% of the value of the property, if you were using the future income to service the loan. If the purchase was owner occupied then this would be a different story and you would be able to borrow a higher percentage, though you would not be able to use the future income in the serviceability.

    Mark

    [email protected]

    Profile photo of markoriomarkorio
    Member
    @markorio
    Join Date: 2003
    Post Count: 3
    November 27, 2003 - 5:30 pm

    David,
    There are several solutions to your problem, one of them is to arrange for no/lo doc finance in which you can borrow between 80 – 90% of your existing property to release equity for the purchase of your 2nd property. Providing financials is not necessary.
    Contact me on
    [email protected].

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