Hmm - OK called my personal business banker and he has now committed to a reply by close of business Monday. I'm wondering if I should have a plan B though.
I maybe a bit slow but I'm wondering if we have the option of leaving existing lending alone and seek a new lender for this latest transaction. Our existing PPOR we're using to guarantee our existing loans with ANZ. But I can raise a 20% deposit against is using existing line-of-credit against the LTC.
Would this work
Raise 20% deposit for new property using drawings against the LTC's flexiloan (this would not over-draw our shareholder accounts so I think that's OK from the accountants point of view).
Then seek 80% finance for the LTC to buy existing PPOR - secured against new PPOR ?
I maybe a bit slow but I'm wondering if we have the option of leaving existing lending alone and seek a new lender for this latest transaction. Our existing PPOR we're using to guarantee our existing loans with ANZ. But I can raise a 20% deposit against is using existing line-of-credit against the LTC.
Would this work
Raise 20% deposit for new property using drawings against the LTC's flexiloan (this would not over-draw our shareholder accounts so I think that's OK from the accountants point of view).
Then seek 80% finance for the LTC to buy existing PPOR - secured against new PPOR ?
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