Adding AMP Master Limit Facility to existing Professional Package Loan

Discussion in 'Loans & Mortgage Brokers' started by Propertynut, 16th Jan, 2022.

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  1. Propertynut

    Propertynut New Member

    Joined:
    16th Jan, 2022
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    1
    Location:
    Sydney
    Hi everyone,

    Newbie to the forum, although an avid reader for many years.

    We currently have a PP investment home loan with AMP, which is at about 88% LVR (we financed with 92% including LMI originally. I was wondering if it is possible to apply a master limit to an existing PP home loan without having to go through the application process again.

    Reason being, we are planning to buy an additional IP later this year and are trying to do this in the least capital intensive way possible.

    Servicing is not an issue for both IP’s, it’s just trying to avoid refinancing fees/LMI if at all possible. Having said that, if there are any other ideas, happy to hear them.

    Thanks everyone
     
    Propertynut, 16th Jan, 2022
    #1
  2. Rolf Latham

    Rolf Latham Inciteful (sic) Staff Member Business Plus Member

    Joined:
    14th Jun, 2015
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    Location:
    Gold Coast (Australia Wide)
    AMP wont do Master Limit on loans > 80 %

    New application would be required if the LVR were sub 80.

    Bankwest and a few other lenders would have been a better Active debt recycle option if that strategy was on your radar which it doesnt sound like at the time.

    Reading the post again, you dont need a master limit per se, because your debt is already deductible

    ta
    rolf
     
    Rolf Latham, 16th Jan, 2022
    #2
  3. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Member

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    Yes why do you want a master limit?
     
    Terry_w, 16th Jan, 2022
    #3