I’m sorry for not totally understanding you guys. Could someone tell me what is an offset account?

Thank you,
Tong

Richard did give me some good feedback. I’m really getting into the hang of things on this website.

Good idea, Jamie. I’ll have a look at some comps in my area and prepare a list.

BTW, are you in Wodenm Canberra?

Thanks again.

Thanks for the clarification. The appraisal is for bank valuation.

Three more reasons? I’ll email you for them. Reading around the other forum topics, I find that crossing coll. loans is not the way to go.

Thanks,
Tong

Thanks Catalyst. I’m very happy to have posted at this forum before we proceed with signing any documents. I’m currently pressing my broker to process this loans as you and others suggested.

It’s amazing what I’m able to learn in one week. From levels 1 to 10 (1 = beginning/novice, 10 = expert), I think I’m at a 4 in the this area of cross…[Read more]

Could there be another issue during refinancing? Not sure, but could there be two appraisals that need to be done if I had two properties (PPOR and IP) tied to one loan.

Thanks,
Tong

Thanks Jamie for your response. From my discussions with my broker, he states that the two properties (current townhouse and future home) has to be cross-collateraliized because I am seeking a loan from a the same bank. Are you suggesting the other alternative is to borrow the $100k equity from the townhouse for down payment for the new…[Read more]

Thanks Mal for your information. I’ll have to read your response several times to digest the full meaning and implications. Will check out the link you provided. Property investing is starting to get fun.

BTW, I like the Gary Larson polar bear picture you chose.

Best regards,
Tong