We could consider increasing your ING loan (to avoid exit fees / break fees
) up to 90%
of the property value. You could then use this money as a deposit to buy a new property.
Or we could refinance your ING loan if it worked out to be cheaper for LMI
/ interest rate to do so.
This means you could increase your loan up to $436,500 (assuming a $485,000 value) which would release $61,500 in equity. This would be sufficient for you to buy a property for around $400,000 with a 90% loan
and pay for all costs such as stamp duty. We would need to see the full details of your situation to confirm if you can afford to buy an investment for $400,000, it may be that buying a smaller place is more appropriate for you.
Just to let you know mortgage brokers make more money by refinancing your loan. We do not believe in doing what is best for us, but rather we seek a win win solution. That is why we are always happy to consider doing loan increases instead where it is appropriate to do so.