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  • Profile photo of beaka84beaka84
    Participant
    @beaka84
    Join Date: 2010
    Post Count: 14
    December 12, 2010 - 12:15 pm

    Hi All,

    I currently have an investment property that was my PPOR a few months ago. I'm currently renting. IP 1 is worth ~500K and the loan on it is ~420K. Is it likely ill be able to get a LOC for another IP as I locked in 50% of the loan for 3 years about 12 months ago? I was hoping the bank may allow me to obtain a LOC loan as the interest im currently paying on the fixed interest loan is about 1% lower than i would i would be paying on a LOC loan. Im hoping to get a LOC up to 90/95% LVR even though i will have to pay LMI. Servicability should not be a problem.

    Any thoughts/advice?

    Regards
    Beaka

    Profile photo of Richard TaylorRichard Taylor
    Participant
    @qlds007
    Join Date: 2003
    Post Count: 12,024
    December 13, 2010 - 11:32 am

    Hi Beaka

    Subject to serviceability and a few other things you should be able to get a LOC to 90% of the lenders valuation.

    Not sure from the numbers that will give you very much but at least it is a start.

    Cheers

    Yours in Finance

    Richard Taylor | Australia's leading private lender

Viewing 2 posts - 1 through 2 (of 2 total)

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