Question re financing IP?s
On my first purchase I used a ?limited Family guarantee.? Essentially means borrowing 100 -105% & avoiding LMI due to a $80k guarantee (20% of $400k purchase) put on my parents? home.
My question is this: Can I use this process for myself?
E.g. let?s say this unit in 5 years is worth $570,000 and has debt of $400,000. (70%LVR). By this time the limited family guarantee would have been removed.
Can I purchase another unit using a deposit comprising of either of the following:
1) Limited guarantee of up to $170k (up to 100%LVR) on IP1
2) limited guarantee of up to $56k (up to 80%LVR) on IP1
Essentially this would mean cross-collateralizing, but only in the short term, as the limited guarantee would drop off and I could re-finance with another lender?
Thoughts?
Limited guarantee
On my first purchase I used a ?limited Family guarantee.? Essentially means borrowing 100 -105% & avoiding LMI due to a $80k guarantee (20% of $400k purchase) put on my parents? home.
My question is this: Can I use this process for myself?
E.g. let?s say this unit in 5 years is worth $570,000 and has debt of $400,000. (70%LVR). By this time the limited family guarantee would have been removed.
Can I purchase another unit using a deposit comprising of either of the following:
1) Limited guarantee of up to $170k (up to 100%LVR) on IP1
2) limited guarantee of up to $56k (up to 80%LVR) on IP1
Essentially this would mean cross-collateralizing, but only in the short term, as the limited guarantee would drop off and I could re-finance with another lender?
Thoughts?
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