Hi There.
I was a bit apprehensive about asking this as it is either a simple question or it has been asked before (I have searched but cannot find the answer easily)
We have about $80000 in equity in our current rental. We want to use that equity. We realise the bank will not lend all of it. So if we want to use $40000 for further investment...
What are the options now?
I can come up with the following but not sure if it is correct or what is best.
Do we borrow 100% for the new property with the current IP as security? Or.
Do we loan the $40 000 from the bank which will increase the mortgage of the existing property. Then use it to buy further.
An option that we're not keen on at the mo is selling
What else can you do?
Any advice will be welcome
Cheers
I was a bit apprehensive about asking this as it is either a simple question or it has been asked before (I have searched but cannot find the answer easily)
We have about $80000 in equity in our current rental. We want to use that equity. We realise the bank will not lend all of it. So if we want to use $40000 for further investment...
What are the options now?
I can come up with the following but not sure if it is correct or what is best.
Do we borrow 100% for the new property with the current IP as security? Or.
Do we loan the $40 000 from the bank which will increase the mortgage of the existing property. Then use it to buy further.
An option that we're not keen on at the mo is selling
What else can you do?
Any advice will be welcome
Cheers
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