An other LAQC question on an other LAQC

[Odin]

So having one IP in one LAQC secured on my own house with LVR on maybe 80 - 85% i'm still keen to get my little dirty fingers on an other IP. I can raise 10K and was thinking a property in the 150 - 180k bracket. So i had a little email duel with a mortgage broker and suggestions was that i could borrow 95% with AMP ? So maybe i could setup a new LAQC and have that totally seperate and borrow 95% of the IP purchase price. Somehow that just dosen't seem like something AMP would agree to. Any thoughts here

Would any resonably respectable lending institution fund an IP to 95% ? Would i need to change all my banking to them then ? Would i be able to setup a new LAQC for this new IP or could i have 2 properties independently funded in one LAQC ?

Thanks

[Rosco]

yes you can have two rentals in one entity, funded by different banks.

The question you are asking, is what do you need to disclose to each bank? do you have to give the full picture? this is a great question for your mortgage broker, and some on this site may help.

I think you have to disclose all information about the entity, and surely the bank would search.

I think technically you should disclose all info, even about other entities, to your banks, but I know that lots of investors don't

Ross

[mortgage broker]

So having one IP in one LAQC secured on my own house with LVR on maybe 80 - 85% i'm still keen to get my little dirty fingers on an other IP. I can raise 10K and was thinking a property in the 150 - 180k bracket. So i had a little email duel with a mortgage broker and suggestions was that i could borrow 95% with AMP ? So maybe i could setup a new LAQC and have that totally seperate and borrow 95% of the IP purchase price. Somehow that just dosen't seem like something AMP would agree to. Any thoughts here

Would any resonably respectable lending institution fund an IP to 95% ? Would i need to change all my banking to them then ? Would i be able to setup a new LAQC for this new IP or could i have 2 properties independently funded in one LAQC ?

Thanks

I deal with AMP and yes they can fund an investment property at 95%.