Need some advice on getting into buying 1st IP.
No cash deposit but equity of house is $112K based from desktop valuation (Sept 2013). Currently on 2 year fixed term loan with ANZ at 4.99% (matures mid-2015).
I'm trying to apply for loan to buy IP, can I use my equity as deposit with another bank? Or I'm not allowed since under contract with ANZ instead my option is to get loan from ANZ?
Cheers.
No cash deposit but equity of house is $112K based from desktop valuation (Sept 2013). Currently on 2 year fixed term loan with ANZ at 4.99% (matures mid-2015).
I'm trying to apply for loan to buy IP, can I use my equity as deposit with another bank? Or I'm not allowed since under contract with ANZ instead my option is to get loan from ANZ?
Cheers.
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