Hi Guys,
First off, one or two people have helpe on here – but both had the same answer and both with not much luck.
I’m in Melboune and want to buy my 3rd Investment property – full finance – under 250k
Basically, my situation is as follows..
Earn 60k a year with no debts (credit card/car loan etc)
IP one with westpac, fixed at 6% until 2012 owing 150k…. property value is $250k
Ip two with ING, fixed at 7% until 2012 owing 186k…. property worth $320k
(Above – have a LOC as well with ING, 20k, with 10k owing and 10k available)PPOR with Westpac, Variable at todays rates, owing 298k, property worth $380k (Purchase in August 09 – extensively renovated)
What i was hoping to do was have 2 loands with Westpac, 2 with ING.
Advice i have been given is to pull out a big LOC for the deposit with ING and use this to go to a complelty new bank.
In all honesty – i alreay have bank accounts with two banks, 3 properties albeit 1 is a PPOR and i have a fiancee, bills and other things. I don’t want to over complicate with dealing with so many banks etc…
Anyway, i’ve just turned 28, so my goal is to acquire property so that as to one day, they are positive and i can live off them?
If anybody could suggest something that would be great!
Help me get that 3rd IP
Thanks Guys
JR
Unfortunately you are miles away on the Westpac serviceability scale.
Are the 2 Westpac loans cross collateralised ?
On first glance I believe it could be done but more information would be needed and probably need to refinance 1 of the loans as ING wont do it either.
Richard Taylor | Australia's leading private lender
Hi Richard,
Yes, i believe the Westpacs are cross collatarized (i know you don’t like this based on your other posts).I don’t really want to have LOC’s for deposits, other loans etc for the remainder as personally, just right now its a bit messy for me.
What i’m really looking at is a bank that might look at me, see i’m servicing 3 loans and give me full finance
Regards
JR
Ok i think that would be doable but would mean breaking the fixed rate loan on the 2 investment loans.
Just keep your PPOR loan with wesuck as it is a fairly high lvr.
Richard Taylor | Australia's leading private lender
Wesuck… Nice one!
Okay, i believe with both my “fixed” rates have break fees around 5-10k to do so???
Id be rehappy to refinance etc… can you PM or reply and let me know what options you think would work?
Regards
JR
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