All Topics / Help Needed! / Capitalising Equity investment oans

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  • Profile photo of glennyglenny
    Member
    @glenny
    Join Date: 2004
    Post Count: 6
    October 30, 2006 - 9:07 am

    Hi all,

    Im trying to track down some advice on the best way to proceed with purchasing an IP.

    I currently have 1 IP with approx 330K equity and I would be interested in hearing what would be a good way of utilising this equity to get the funds to purchase another IP plus the interest for 2 years (ie. to cover monthly repayments for the new IP).

    Any advice would be appreciated.

    Thanks

    G

    Profile photo of TerrywTerryw
    Participant
    @terryw
    Join Date: 2001
    Post Count: 16,213
    October 30, 2006 - 11:56 am

    Just apply for a loan increase with your existing lender. Maybe go to 80% LVR as a LOC and have a separate loan to the first. That way you can use the funds for the deposit on the next property and borrow the remainder as another loan. Interest could also be paid from the LOC.

    Terryw
    Discover Home Loans
    Parramatta
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    Profile photo of glennyglenny
    Member
    @glenny
    Join Date: 2004
    Post Count: 6
    October 31, 2006 - 3:15 am

    Thanks for the advice- Ill get onto it!

    Cheers

Viewing 3 posts - 1 through 3 (of 3 total)

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