Is it possible to use equity to purchase an IP when your LVR is >80%? If I need 20k to purchase an IP and LVR is at 90% would it be possible to extract 20k or would I need to use personal savings? (Assume Value@400k – 20k=5%)
Unlike to get too many lender go above 90% lvr but 95% is possible if you have a good track record with your lender.
Trouble is it wont just be the deposit but also the acqusition costs and the extra LMI you might have to also find.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Like Richard said – anything above 90% is difficult. Firstly, the lender's policy must allow it – secondly, your application is going to need to be flawless including excellent conduct with current loan facility, good serviceability, a low number of recent credit file hits and about a dozen other things need to stack up.
Up to 90% is more manageable – we do 90% cashouts a fair bit.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
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