All Topics / Help Needed! / ACCESSING EQUITY?
Hi Everyone
I changed my home loan to another lender 1 yr ago to reduce my interest rate and now I want to eccess my eqity in readiness to invest in property.
How do I go about doing this?.Also does anyone know whether Ican use my superannuation in any way towards property investing?
ikerr
Hi Ikerr,
Your lender will carry out a valuation on your property to determine how much equity you have available,
The amount you access is generally up to you i.e. 60% 80% 90% etc keeping in mind LMI will apply if you borrow more than 80% LVR,
The next thing to consider is a split loan to proportion deductible and non-deductible debt.Regarding super, best to talk to an accountant, I believe it can be expensive to set up and maintain and may not be worth the amount of time & trouble involved, Cheers.
Regards
Steven
Mortgage BrokerMobile Mortgage Market
Ph: 0402 483 216
[email protected]
http://www.mobilemortgagemarket.com.auPLEASE note comments made should not be taken as specific taxation, financial, legal or investment advice.
hi operator
Talk to a broker in your area or on this board get a 75% lend on your current premises( go to 80% if you wish)put the money back into the loan (nab will do it without any penalty)( i’m not recommending them its a example) and you can drawn the money if and when you require.
you can organise your own super fund but unless you are going to have in excess of 300k in the fund the cost will kill it.
This is not financial advice.
steve has answered your post(sorry for this ) but he’s as good as any. email him your details and should be able to set this up.here to help
Hi Op
Steve has already answered the equity question so i will not go over old groud.
With regards to your Superanuation I assuming you are referring to a Self Managed Super Fund. Yes you can certainly invest in property however just bear in mind that the fund cannot borrow funds in any form or shape and cannot be seen to carry on a business.
I have used my Super Fund on more than 1 ocassion to purchase a property and wrap it.
Cheers Richard
Ph: (07) 3720 1888
[email protected]
http://www.yourstatefinance.comIP funding and US property finance
our specialityRichard Taylor | Australia's leading private lender
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