Hi
I'm subdividing my IP and the bank is offering the following:
Scenario 1
Equity Manager
Balance $60,000
Interest Rate 5.78%
No set repayment
Loan approval fee $600
Loan administration charge $150 per year
Scenario 2
Re negotiate existing loan with additional $60,000
Interest rate 4.87%
Term remaining 30 years (this can be reduced if you prefer)
Loan approval fee $0
Redraw available
Most likely wont use the full amount (may only come to $40,000 in costs, but thinking I need the extra there just in case)
I'm thinking the 2nd choice, but am I missing anything here (pros - cons)?
Anu help appreciated, thanks...
I'm subdividing my IP and the bank is offering the following:
Scenario 1
Equity Manager
Balance $60,000
Interest Rate 5.78%
No set repayment
Loan approval fee $600
Loan administration charge $150 per year
Scenario 2
Re negotiate existing loan with additional $60,000
Interest rate 4.87%
Term remaining 30 years (this can be reduced if you prefer)
Loan approval fee $0
Redraw available
Most likely wont use the full amount (may only come to $40,000 in costs, but thinking I need the extra there just in case)
I'm thinking the 2nd choice, but am I missing anything here (pros - cons)?
Anu help appreciated, thanks...
Equity manager vs top up loan for subdivision?
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