Sark0605

Sark0605 started the topic Where to buy in Melbourne ! in the forum Help Needed! 7 years, 6 months ago

Where would u suggest to buy in Melbourne
– house
– established
– 550K

Most importantly what suburbs to AVOID that is available in that price point mainly due to high rate of criminal activity etc.

Sark0605 replied to the topic non-enduring power of attorney(POA) in the forum Help Needed! 7 years, 6 months ago

I understand it is required so they can represent me in auctions ?

Sark0605 started the topic non-enduring power of attorney(POA) in the forum Help Needed! 7 years, 6 months ago

Anyone signed a non enduring power of attorney(POA) before with a buyers agent ? Anything i should be aware of ?

Sark0605 replied to the topic Use all available equity or take new loan in the forum Finance 7 years, 6 months ago

I will not be paying any LMI since i am not borrowing more than 80% anywhere thanks to equity.

Anyways i think option 2 is better since i am taking advantage of available equity now. It might go down in a couple of years and I wont have access to it. It also keeps the LVR down on new property for new bank since it will use IP3 as security.

Sark0605 replied to the topic Use all available equity or take new loan in the forum Finance 7 years, 6 months ago

Yes thats right …i put the wrong percentage in .apologies..eg
IP 1 : equity available 100K
IP 2 : equity available 80K
new IP 3 : PP is 500K
Serviceability is 500K

Options without LMI
1. New loan 80% and 20% equity from IP 1..both LVRs for IP1 and IP3 will be 80%
2. Access all available equity (180K) from IP 1 and IP 2 and borrow remaining…[Read more]

Sark0605 started the topic Use all available equity or take new loan in the forum Finance 7 years, 7 months ago

Hi guys
I was wondering which is a better option. I have two IPS which have equity around 200K. I can service only one more loan of 600K. Should i use all of my equity and borrow the remaining 400K from new loan or should I just get the 10% equity and borrow remaining 540K from new loan.

In the long run which would be a better option

Ta