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  • Profile photo of andrewandrew
    Participant
    @andrew15
    Join Date: 2016
    Post Count: 7
    June 9, 2016 - 3:56 pm

    Hi,

    I have consulted a broker in our area and regarding our existing mortgage. We have loaned with ANZ a PPOR 3 years ago amounting to $400,000 and wants to switch to another lender. Our current mortgage valued now as $ 332,000 at 5.47% ($454 weekly repayments). Below are the proposed structure of the loan which looks OK FOR ME as this was discussed by my broker earlier.The loan term will be 30 year with 5 years interest only on all 3 splits. We have existing savings of round $80,000 will be linked to the variable loan split of $150,750.I have future plans on purchasing more properties as a pathway to replace my current income.I just want yo know if this will be a good decision to do although I trust my broker on this a second opinion will not hurt.

    $472,609 CBA desktop val (attached)
    x 80% LVR (loan to value ratio)
    $378,087 LVR @ 80% (what the bank will go to on this type of val)
    minus
    $332,000 refi existing debt
    $46,087 xtra funds available that we can use for deposit + costs for next Investment property purchase.

    Thanks,

    Andrew

    Profile photo of Richard TaylorRichard Taylor
    Participant
    @qlds007
    Join Date: 2003
    Post Count: 12,024
    June 9, 2016 - 8:14 pm

    Andrew, what your broker has suggested is a standard structure for future acquisitions.

    Cheers

    Yours in Finance

    Richard Taylor | Australia's leading private lender

    Profile photo of andrewandrew
    Participant
    @andrew15
    Join Date: 2016
    Post Count: 7
    June 9, 2016 - 11:17 pm

    Hi Richard,

    Thanks.

Viewing 3 posts - 1 through 3 (of 3 total)

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