澳洲Australia property Buying a 2nd IP question | Sydney


在澳大利亚 I need some advice regarding a property purchase. Property - semi-detached house Bedrooms - 2 Condition - average needs internal reno to modernise Street - one of the best in suburb Location - excellent Close to schools - yes Transport - 50m The pool at of an IP needs to be resurfaced (or so the pool doctor says), the cost was estimated to be $10K ($10,000), after recoverying from my impresssion of a cat coughing up a fur ball, it just seems far too much. Its just a standard poo


Ok so I've read Michael yardneys book on the importance of capital growth & how it gives you the ability to buy more property by using the equity gained in your original property. A friend of mine told me in his experiences things have changed a bit now and banks may not rely soley on the capital gain but also the cash flow, and if the cash flow is quite poor the banks will then refuse to loan against that property. What are peoples experiences on
this?
Many thanks  

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Nick_A said: ↑
Ok so I've read Michael yardneys book on the importance of capital growth & how it gives you the ability to buy more property by using the equity gained in your original property. A friend of mine told me in his experiences things have changed a bit now and banks may not rely soley on the capital gain but also the cash flow, and if the cash flow is quite poor the banks will then refuse to loan against that property. What are peoples experiences on
this?
Many thanksClick to expand...
Previously if u were strong in one area, equity or cashflow money was easy to get, now lenders want both. Still exceptions of course but as a rule they want both.  

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It depends, if you've got other income to support the negative income from a good growth asset, the banks will help you out. Nothing has changed here.  

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