澳洲Australia property IP advice, almost own PPOR, have equity |
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
Hi, I'd like to hear options/advice on buying an IP.
- PPoR, value $1.1M, mortgage $105k, with $200k worth of 'extra payments I can redraw'.
- Salary $125k, Wife takes care of our two chilren, will do for another 2 years probably.
- Current budget, have $2k /month leftover being saved (moved into PPoR mortgage).
- Redraw some cash from PPoR for IP deposit, and keep the IP loan at Interest Only to maximize -ve gearing?
- "Leverage" my PPoR with bank, to get smaller IP loan, or smaller deposit? I hear about people using PPoR 'equity' to fund IP, does that mean redrawing from my PPoR mortgage, or using it as security?
We previously owned 2 villas, sold both and bought our family home. Now looking to get an IP. We decided to sell our two previous IP's because we bought them as young couple and didn't setup the loans properly (paid directly into mortgage and could not keep -ve grearing benefits if we withdrew the equity).
I'd love to hear your advice, thanks in advance.
The most common way we do it is to take a separate IO loan on ur PPORonly for a 20 % deposit plus costs, then get an 80 % lend for the IP secured only on the IP.
There are other "simpler" ways and more advanced ways, including capping of the IP interest to a LOC.
Equity of $995,000.00 and an LVR of 9.5% - Certainly gives you options
Even if you only took out $100 - $150k, rather than $200k from the PPoR and leveraged that at 80% into an Investment Property or two.
At the end of the day though, it's what your end goal is for the property that assists determine your investing strategy