All Topics / Finance / Cross-collarization.

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  • Profile photo of bhuiyanbhuiyan
    Participant
    @bhuiyan
    Join Date: 2006
    Post Count: 8
    January 22, 2007 - 6:59 am

    Hi

    I will be buying IP for the first time how do I prevent Cross-collarization. I have a home, loan is from CBA.

    Cheers
    Zaman[chill]

    Profile photo of lsnlsn
    Participant
    @lsn
    Join Date: 2006
    Post Count: 14
    January 23, 2007 - 3:37 pm

    Hi Zaman,

    Increase your CBA loan or put a split on that loan to the amount of the deposit plus fees required to secure your purchase. If you want to avoid LMI draw 20% plus fees, if you want to minimise impacting your equity in first property draw minimum, but LMI will be paid.

    Hope this helps.

    Regards
    Colin Kidd
    Loan Saver Network
    http://www.loansaver.com.au
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    Profile photo of ducksterduckster
    Participant
    @duckster
    Join Date: 2004
    Post Count: 1,674
    January 25, 2007 - 1:24 pm

    Split on the loan may be know as a Line of credit against equity in first house or maybe known as portfolio loan. Enquire with loans manager of CBA what your options are…

    Comments are of a general nature and may not be relevant to your individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.

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

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