Can I get topup loan in this situation?

Discussion in 'Loans & Mortgage Brokers' started by RoadRunner, 22nd Nov, 2019.

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  1. RoadRunner

    RoadRunner Well-Known Member

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    I have an existing investment home loan that was initially based on 90% LVR (I had to pay LMI). Over last few years loan is reduced but it's still around 83% LVR based on recent valuation.

    Is it possible I can get a top-up loan and bring LVR back to 90%?

    I am building another house for which I require around $50k to finish final bits such as landscaping and fencing.

    I am happy to pay additional LMI if required.
     
    RoadRunner, 22nd Nov, 2019
    #1
  2. Lindsay_W

    Lindsay_W Well-Known Member

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    Yes this can be done, pending serviceability
     
    Lindsay_W, 22nd Nov, 2019
    #2
  3. Terry_w

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

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    Terry_w, 22nd Nov, 2019
    #3
  4. Jamie Moore

    Jamie Moore MORTGAGE BROKER - AUSTRALIA WIDE Business Member

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    Depends on the lender but generally fine since it’s non structural improvements.

    Cheers

    Jamie
     
    Jamie Moore, 22nd Nov, 2019
    #4