Dear experts,
Thanks for all the valuable information, I have learned a lot.
I would like to seek some opinion on my loan structure.
PPOR 90% loan with bankwest, and yes I paid LMI. I also have equity release 60k never been used in seperate account number. 70k saving, the PPOR has capability to produce another 30k equity.
I am buying 300k IP through boq no LMI 90% 3.99 fixed rate. Planning to use PPOR equity to pay deposit and stamp duty.
Now I want to buy another 300k IP , variable this time. At the same time the BankWest fixed loan (partial fixed partial variable) is about to become variable in 3 weeks. I am intending to move all loan to boq because they promised 4.29 variable if I go through with them with all my loans and no lmi.
Do I ask BankWest to reduce 60k equity to 40k which is 10% ip plus stamp duty then request another loan split to 40k for second ip. Or I move my PROP to boq after the first ip purchased then request two 40k split. Would it be too massy for tax?
Hope I explained my situation properly,and appreciate your valuable comments.
Thanks for all the valuable information, I have learned a lot.
I would like to seek some opinion on my loan structure.
PPOR 90% loan with bankwest, and yes I paid LMI. I also have equity release 60k never been used in seperate account number. 70k saving, the PPOR has capability to produce another 30k equity.
I am buying 300k IP through boq no LMI 90% 3.99 fixed rate. Planning to use PPOR equity to pay deposit and stamp duty.
Now I want to buy another 300k IP , variable this time. At the same time the BankWest fixed loan (partial fixed partial variable) is about to become variable in 3 weeks. I am intending to move all loan to boq because they promised 4.29 variable if I go through with them with all my loans and no lmi.
Do I ask BankWest to reduce 60k equity to 40k which is 10% ip plus stamp duty then request another loan split to 40k for second ip. Or I move my PROP to boq after the first ip purchased then request two 40k split. Would it be too massy for tax?
Hope I explained my situation properly,and appreciate your valuable comments.
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