Question:
As investors we often talk about the one bank trap. Keeping IP loans seperate from PPOR loans. BUT if you could get MORE finance (for IPs) by bringing all the loans together with one bank should you do it.
Reason is I have been offered higher lending to go with one of my banks, downside is I would have to pay back break fees which I think could be quite high, although on refinancing I would also be on a lower rate with the new lending.
Anyone see the downsides of this? Apart from being a one man bank trap? Goal is to buy another rental but current offer is a little tight especially since my patch is Auckland.
Thoughts?
As investors we often talk about the one bank trap. Keeping IP loans seperate from PPOR loans. BUT if you could get MORE finance (for IPs) by bringing all the loans together with one bank should you do it.
Reason is I have been offered higher lending to go with one of my banks, downside is I would have to pay back break fees which I think could be quite high, although on refinancing I would also be on a lower rate with the new lending.
Anyone see the downsides of this? Apart from being a one man bank trap? Goal is to buy another rental but current offer is a little tight especially since my patch is Auckland.
Thoughts?
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