Equity question

Discussion in 'Loans & Mortgage Brokers' started by Justeeny13, 25th Apr, 2024.

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  1. Justeeny13

    Justeeny13 New Member

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    Is it possible to use the usable equity in MY property PLUS a family gaurantor?
     
    Justeeny13, 25th Apr, 2024
    #1
  2. Terry_w

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

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    Yes - indirectly

    you can't use equity. all you can do is to borrow against a property with equity. if you were able to borrow say 10% of a purchase from secured against property A, you could buy property B but might need to borrow 90% and incur LMI. So you could introduce property C, owned by a parent as additional security, and avoid LMI and have enough for the stamp duty as well
     
    Terry_w, 25th Apr, 2024
    #2
  3. Justeeny13

    Justeeny13 New Member

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    Ahh that is what I meant :)
    So it is possible to use two separate properties?
     
    Justeeny13, 25th Apr, 2024
    #3
  4. Terry_w

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

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    3 separate properties yes
     
    Terry_w, 25th Apr, 2024
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  5. Tony Xia

    Tony Xia Structured Loan Advisor Business Member

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    Yes ..can be done so it limits the guarantors liability.
     
    Tony Xia, 26th Apr, 2024
    #5
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