Hi,
I'm a noob still and has a lot to learn with investing. I have 3 properties (2 IP and 1 PPOR).
I want to use the equity I have sitting between my 2 IPs to buy another IP. The 2 IPs are with same bank, I think my first error as an investor ie cross-collateralisation.
So my question is, if I want to put the new IP with another bank I was told that I need to take that equity $ from current bank to use as the deposit with another bank.
My only concern (or should it be?) is that top-up loans is technically doing a new finance application. Are there other ways you can get your equity from a bank so you can use this as deposit for another IP purchase?
Many thanks!
I'm a noob still and has a lot to learn with investing. I have 3 properties (2 IP and 1 PPOR).
I want to use the equity I have sitting between my 2 IPs to buy another IP. The 2 IPs are with same bank, I think my first error as an investor ie cross-collateralisation.
So my question is, if I want to put the new IP with another bank I was told that I need to take that equity $ from current bank to use as the deposit with another bank.
My only concern (or should it be?) is that top-up loans is technically doing a new finance application. Are there other ways you can get your equity from a bank so you can use this as deposit for another IP purchase?
Many thanks!
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