Definitely get a few opinions. In most areas (and like with most things) it pays to get an excellent REA rather than a mediocre one. Since you have already been through the process of building it sounds like you may not need any advice on this.

If you are converting your PPOR to an IP I would be cautious of paying too much of it down as it will become tax deductible. I would consider transferring the existing loan to an IO and link it to an offset account and then have all the funds deposited into that account. 

Mortgage Brokers generally get paid the same commission regardless of the lender so it is unlikely that they will choose a lender that pays the highest commission. Some of the smaller lenders or non mainstream lenders tend to pay a higher commission.

Regards

Shahin

Looking at what banks offer what rate is one thing but I cannot stress enough how damaging it is to your credit file and application if you the bank sees how many different lenders you have applied to at the same time. Whatever you do – do not apply to a lender unless you are sure of going ahead with that lender and of course you have confidence that the loan will be approved.

Regards

Shahin

Whats the problem exactly? Is it age or something else?

Regards

Shahin

What is the total loan amount and the LVR?

Regards

Shahin

Depends on the strategy – I have a mix of cashflow properties and properties that I have built reasonable equity (but they were heavily negatively geared properties).

Ultimately, people hit either the servicing or deposit/equity wall. I usually deal with people who hit the later. So building good equity is very important. 

Regards

Shahin

Perfect. The no LMI 85% LVR with Citi is a certainly a good option if again you meet the crtieria.

Regards

Shahin

If I were you I would be ordering upfront valuations on each of the properties ASAP to get an idea of what they are worth and thus equity plus its free.

Regards

Shahin

Depends – you need to look at regional or create dual income if you are looking at metro. 

Regards

Shahin

That's sound like a good plan assuming you meet the criteria for the 85% LMI waiver. Citibank have conservative servicing but they are an ok lender – certainly in this scenario as that LMI portion will save you quite a bit. 

No issues with Homeside either – they are a good lender. Why are you refinancing to Homeside? Are you chasing interest rates? Who is the current lender for the IP's?

Regards

Shahin

Once the property becomes an IP – the loan amount (whatever it is at the time) will be tax deductible. The $68k should already be tax deductible since the purpose of the loan was to fund the IP purchases.

You need about $105k to avoid LMI on the new PPOR and this may be suitable since the LMI is not tax deductible so I would take one or more of the other loans to LMI (this would be not tax deductible) and ensure that they are separate facilities. Don't take the new PPOR to an LVR of over 80% as the LMI would be higher than the other loan amounts.

You currently have $42k in equity at an 80% lend against the existing PPOR and another $6k in equity at an 80% lend against IP 2 so thats $48k in total without paying LMI.

Regards

Shahin