Equity Dilemma

Discussion in 'Loans & Mortgage Brokers' started by aram05, 2nd May, 2019.

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  1. aram05

    aram05 New Member

    Joined:
    13th Mar, 2019
    Posts:
    2
    Location:
    Melbourne
    Hi guys,

    I'm hoping to get some advice on my situation...

    I own a property (50/50 split) with my sister in Geelong which we purchased in 2012. It was recently valued at $545k and we have $220k owing.

    I am looking at purchasing my next IP by myself and was wondering if I can access half of the equity to go towards it? If so, is this a tricky process?

    Any advice you can give me would be greatly appreciated.
     
  2. Rolf Latham

    Rolf Latham Inciteful (sic) Staff Member Business Plus Member

    Joined:
    14th Jun, 2015
    Posts:
    5,498
    Location:
    Gold Coast
    Subject to servicing you can

    BUT your sister will need to provide a security guarantee, since its a joint property, or be a joint borrower

    ta

    rolf