Loan Structure

Thanks Terry for that info, I did not know about splitting loans. So how does one go about setting up a split?  Get the new valuation report, and tell the bank that hey the house is now worth more, so I want to keep the existing loan, and the get the rest as a split upto 80% of the value of the new valuation? Can I keep my existing loan and ask another lender to give me the "split loan" part?

From what I understand, the difference between refinancing and splitting is that is when I refinance I get a whole new loan upto the new 80% valuations of the house. Where as with splitting, I keep the existing loan and get a new split based on my new valuations with the same lender or different lender? Am I on the right track?

Regards

Thanks Terry for your unbiased and honest opinions.  I have been to two separate mortgage brokers. The 1st one, suggested I refinance and move to the ANZ package, and pay LMI at the time.  And the latest broker is suggesting refinancing and moving to the NAB package.  From a brokers point of view, I guess its much easier and better for them to write a loan for 1mil compared to stuffing around with splits.  Thanks again Terry I really do appreciate it. Now I know whats available.

Regards.

I’m currently with Bank West for my ppor, and ING bank for my IP. Not sure how flexible they are with getting a split setup for my IP. We have already been approved for the NAB package, so the serviceability is not an issue.