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IP loans and splits

Discussion in 'Property Finance' started by freyja, 12th Sep, 2015.

  1. freyja

    freyja Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    160
    Location:
    Sydney
    I currently have one IP and am looking to buy another.

    I recently refinanced my PPoR and one equity release/loan split (20K - used for part deposit on IP1 loan). When refinancing PPoR, I pulled an extra 80K equity for 'future investment' which is now sitting in a single split - 20K owing with 80K available (100K total).

    If I now go and purchase IP2 with the 80K, do I just spend it from the existing loan or should I make a separate split?

    I'm with Suncorp - will it be a big deal to turn one loan of 20K plus 80K available into two splits of 20K and 80K?
     
  2. Shahin_Afarin

    Shahin_Afarin Residential and Commercial Broker Business Member

    Joined:
    18th Jun, 2015
    Posts:
    706
    Location:
    Sydney
  3. freyja

    freyja Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    160
    Location:
    Sydney
    Thanks - I'll get onto Suncorp!