Joined: 09/March/2010
Location: Australia
Posts: 1
QuoteReplyTopic: Home Loan Scenario Posted: 09/March/2010 at 20:23
Hi Everyone,
I am looking at purchasing an investment property, and am looking for some advice as to the best way to go about it.
The property i am looking at is $280000 with a rental return of $320 per week.
I currently have a property that is valued at $430k with a mortgage of $180k repayments at $1220 p/mth.
i want to get a line of credit,and keep it seperate from my current home loan. i also want to keep the current repayments principal/interest.
I also have a car loan at $480 per month ($25k) owing that i would like to payout with the refinance of property and funding for the investment loan.
What would be the best way for me to go about the above and what products would you reccommend ?????
This isn't really an appropriate post for this forum. Maybe consider talking to your bank or a mortgage broker.
That being said you have lots of equity so it is likely to be beneficial to you to consolidate your car loan into your home loan and then borrow using the equity in your home to then purchase your investment property.
We find line of credit loans to be more expensive & more complicated than other loan types that offer the same benefits such as a 100% offset home loan. Ideally pay interest only on your investment debt and make as many extra repayments as you can to your home loan.
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