Basic question

Discussion in 'Loans & Mortgage Brokers' started by gwaipor, 10th Oct, 2015.

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  1. gwaipor

    gwaipor Member

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    I'm going to post a pretty basic question, please excuse me

    I own a PPOR outright. Let's say value is 900k. I want to use equity to buy IP.
    Can the amount I borrow cover the deposit for the IP and stamp duty?
    I'm trying to figure out how much upfront cash I need to have
     
    gwaipor, 10th Oct, 2015
    #1
  2. Jamie Moore

    Jamie Moore MORTGAGE BROKER - AUSTRALIA WIDE Business Member

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    Yeah it can

    Don't cross your loans though.

    Borrow enough against PPOR to cover deposit/costs on IP.

    Borrow remaining 80% against IP
     
    Jamie Moore, 10th Oct, 2015
    #2
  3. Coota9

    Coota9 Well-Known Member

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    @gwaipor

    Video is a few years old but should give you a basic understanding of how it works
     
    Coota9, 10th Oct, 2015
    #3
    WattleIdo likes this.
  4. Gockie

    Gockie Life is good ☺️ Premium Member

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    Just wondering. Totally unrelated to your question but are you a white woman who lived in HK?
     
    Gockie, 10th Oct, 2015
    #4
  5. Terry_w

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

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    haha because of the name?
     
    Terry_w, 10th Oct, 2015
    #5