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  • Profile photo of p@cketeerp@cketeer
    Participant
    @pcketeer
    Join Date: 2014
    Post Count: 4
    December 12, 2014 - 12:27 pm

    hi richard,

    after computation, i’ve found out that my borrowable or useable equity is 92K.

    based from my readings, simple rule of thumb is to multiply the useable equity by 4. Which means my max purchase price for IP must be within $368K mark? Is this the norms? Will this avoid me paying LMI if I will use this rule?

    The useable equity can be be used for purchase cost, deposit, stamp duty, etc.? Am I getting this right?

    Profile photo of p@cketeerp@cketeer
    Participant
    @pcketeer
    Join Date: 2014
    Post Count: 4
    December 12, 2014 - 10:32 am

    Thanks Benny and Richard.. that’s very helpful to start with.

    I’ll check those articles.

    Cheers,
    P@cketeer

    Profile photo of p@cketeerp@cketeer
    Participant
    @pcketeer
    Join Date: 2014
    Post Count: 4
    December 11, 2014 - 9:23 pm

    Hi richard,

    I’m referring to property equity. what is borrowable equity?

    Also, not sure how much is the maximum that i can borrow with my current equity. what do you mean by 100% + cost? Does it mean that i can only buy a property within $190k mark?

    Sorry for the questions. Just started learning these terms in IP.

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