Hi, we own our home outright (value $750,000) and want to create an investment portfolio with shares or a deposit on a property or both. It is possible to get a loan in place against the home without knowing which options we would choose, maybe borrow $250-300,000?
Certain lenders would be happy for you to apply for a loan as a “cash out” only. You may need to provide a full plan or just a few lines of notes depending on the product.
You will still need to show ability to service the initial debt and potentially any further debt such as purchasing a property
Speak with an experienced broker who can target the app to the most suitable product and lender
Best of luck
An excellent time to look into diversifying your asset classes and access to equity for this dollar value is achievable with a small number of lenders at very attractive rates.
The more clarity you have around the use of these funds the more lenders will be willing to provide you with what you are looking for.
Can I suggest you speak with a broker first and they can detail your situation so you don’t pay too much and go with a lender who can give you what you want.