Hi all,
Can someone please help me out?
My PPOR is valued conservatively at 750k with 170k owing on it.
I am looking at purchasing an IP for 300k. I want to put 5% deposit down.
Can I use my PPOR as a guarantor for the other 15% to avoid me paying LMI?
If this is possible, can I do this without refinancing my PPOR?
I understand the bank take out a second mortgage on PPOR for the other 15% of the deposit but hopefully this does not mean I need to refinance my PPOR? Id prefer not to refinance if possible.
Basically I'm trying to purchase an IP with minimal deposit for negative gearing purposes, and I'd rather not take a chunk off my PPOR.
Thanks
C
Can someone please help me out?
My PPOR is valued conservatively at 750k with 170k owing on it.
I am looking at purchasing an IP for 300k. I want to put 5% deposit down.
Can I use my PPOR as a guarantor for the other 15% to avoid me paying LMI?
If this is possible, can I do this without refinancing my PPOR?
I understand the bank take out a second mortgage on PPOR for the other 15% of the deposit but hopefully this does not mean I need to refinance my PPOR? Id prefer not to refinance if possible.
Basically I'm trying to purchase an IP with minimal deposit for negative gearing purposes, and I'd rather not take a chunk off my PPOR.
Thanks
C