Buy the next property in your personal name or a DFT.

Accessing the equity should be ok subject to serviceability.

Your

mortgage broker should

Buy the next property in your personal name or a DFT.

Accessing the equity should be ok subject to serviceability.

Your

mortgage

kev

I think if any bank manager has suggested that to you i would ringing his Head Office as what he is suggesting is actually fraud and it is you who will spend time at Her Majesty's Pleasure and not him.

Each lender has its own way of assessing serviceability and it may just be a matter of getting your mortgage broker to look at other options.

Deceiving a lender on a mortgage application is not the suggested route to follow for the long term.

Before you rish off with Tracey and look at all of her wonderful properties i would think about how you intend to finance the acqusition.

This day and age the Banks and mortgage insurers are tighening up on expat or non resident lending and many of them have pulled their products to this sector of the market.

I would sort out your finances first to see what you can afford before rushing in and getting excited at the glitter and galmour of the Coast.

GOM

Remember only tax deductible (Assuming the premium was charged on an investment loan) over the term of the loan or 5 years whichever is shorter and is proportionalised in Year 1.

Agree with Terry 100% however also be careful that the security will be acceptable as many lenders will run a mile when it comes to taking small 1 bedroom or studio units as security.

Terry dont want to disagree with you but i think you have buckleys with LaTrobe these days on a deal like that.

Started in 1996 offering 2nd mortgages to some clients who were trying to purchase properties we developed and couldnt sell outright.

1999 with the change in Tax legislation on wrapping started a Company called First Home Owners Group Pty Ltd which is Qld's largest provider of Vendor Finance.

Rest is history.

Look dont want to cut you off in your pride but if you dont want to move the loan from CBA but want to utilise some of the equity then you have little choice but to go back and speak with WHAT BANK.

CBA will add the 2 loan amounts together and divide this figure by the combined property values. 
You will pay LMI on the total figure which as the loan will be over $300K will not be cheap. 

Only other alternative is to look at taking out a 90% LOC with CBA and then using this as deposit on the new IP as well covering your acquisition costs. 

Damar

Be very careful.

As you will note from my numorous posts my clients were from N Qld and were told the same.
When they tried to leave it was very difficult and imense pressure was placed upon them.
The free taxi ride pick up was not available back to the airport if you didnt sign up.

I ask you nothing like standover tactics.