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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:
    147
    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:
    641
    Location:
    Sydney
    Ensure that its a separate split - no issues doing this with Suncorp so long as there isn't an increase to the limit.

    Just make sure you don't cross securitise the new IP with any of the existing properties.
     
  3. freyja

    freyja Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    147
    Location:
    Sydney
    Thanks - I'll get onto Suncorp!