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
I'm looking for some advice in respect to trying to purchase my third IP.
I purchased my first IP in 08 for $235k, which was revalued at $275k, providing equity for IP no 2,which was purchased for $235k.
Now mortagages on IP no. 1 is $244k & no.2 is $209k.
IP no.1 is now worth $300k.
Should I look at reducing the amounts owing on the two loans to create more equity or save a deposit for a new property, OR is there another option out there?
Your assistance is greatly apprecaited everyone. Thank you.
my advice would be to touch base with a mortgage broker and they can provide advice on your burrowing capacity and then you can judge from their if you have the capability to purchase another property.
As long as you are comfortable in servicing the extra debt and the bank see's it the same way then you are cooking with gas
Depending on income and risk profile you may be able to get the next place.
Whats your personal affordability, that is how much can you put towward a property every week ?
Ridin-High said: ↑
.. provide advice on your burrowing capacity ..Click to expand...This made me giggle. I'm obviously spending too much time outside digging holes and trenches ...