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- sarajh wrote:We have 2 IPs with oodles of equity however we are pretty maxed for serviceability. We want to free up some of this equity for further investing but the banks aren't keen on lending enough to make it worthwhile. Any suggestions on where we could go or how we could go about this?
Hi Sarah,
I've spoken to a number of property investors who have encountered a similar problem and usually the solution lies in refinancing the existing investment property / ies into a felixible loan facilty that allows cash to be readily available for future purchases and then sourcing a lender who has low serviceability or looking at lenders with good Lo Doc loan products. No Doc loan products usually are a last resort as they have a very low LVR (60% or 70%) and higher rates that are not that appealing.
I don't know why it would be costing you $6000 either so definitely don't use that option.Cheers
Matt
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