Hello Community
I am new here, having recently started into property investment. I am 32 and plan to add another 3 or 4 properties – I had a very simplistic question – If I decide to sell my first IP in 3 or 4 years and then use this cash to reinvest, do I need to take any approval from the bank ?
thanks and cheers
D
D
No as long as the securities are not X Collaterailised where you may have to offer additional security by way of cash or property and the sale price will clear the loan the lender will have no say in what you sell the property for.
Richard Taylor | Australia's leading private lender
Hi D,
I'm not sure that I understood your question properly, but if you borrow to buy future properties, yes you will need another approval from the bank at that stage. If you are talking about whether you need any approval from the bank as to putting cash proceeds from your sale towards buying another property, no what you do with your cash at that stage is your business.
Kind Regards,Cameron Perry
Director
Perry Financial Strategies
Level 13, 30 Collins St
Melbourne VIC 3000
Ph (03) 9662 1999
Fax (03) 9662 2044sorry guys for being unclear.
I meant that if the bank has any say on when and how I sell the IP, to generate cash for whatever purpose.
D
Hopefully i answered this in my earlier response.
Richard Taylor | Australia's leading private lender
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