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Hey Benny
t seems you have an existing mortgage on your home, right?
Yep that is correct. So we should actively try to get our third loan for the house from a separate bank. Even if it costs us a little bit more?
After taking part in this post my wife and I have decided to find someone who can guide us with this purchase. This first purchase is key to getting us up and running and so we wanna get it right. We have a couple of companies in mind from this forum
I currently am using a broker. He didn’t tell us that we had to use our current lender for the equity loan but I guess it kinda became an assumed thing.
Is this not the case? Am I able to take the current equity I have and taking it to another bank.
If not, then I might have to find another broker.
Also, would there be any advantage (other than a better interest rate, less fees, etc) to having the first loan for the investment property with another bank?
I just wanna say as well. Thank you very much for all your help everyone
Thanks guys.
That info is very helpful.
I can stop worrying about using borrowed money for the house and the fees. I have been sourcing a good accountant to help make sure that I am structured properly and ensure that what comes in can cover what goes out.
Our bank has started playing hardball with our application so there is a chance it wont go through after all but at least I have learnt something if it doesn’t pan out.
huh. That makes sense. Also makes me feel a bit more comfortable.
Thanks alot guys.
ok. Will do. Thanks for that.
I am a bit worried that I am actually paying the whole price of the house with loans. So the thought of going over by using the loan for that as well was daunting.
The plan of course is to get a discounted price though o hopefully we can get it discounted enough to cover all those costs.
Hey Jamie.
Great thank you.
We are hoping to use no more than $60K for the deposit on a house that is 300K or less. We were looking at using our own money to pay for the extras (stamp duty, etc) however if we can use less than the 60K for a deposit by getting a cheaper house then we will probably use the loan to pay for as much of the extras as we can.
We aren’t necessarily planning to use our current lender. We will probably go with anyone who will give us the money. :)
