澳洲Australia property PPOR Finance for IP | Sydney
在澳大利亚 I have been looking at units in Sydneys upper North Shore. Only in Ku-Ring-gai so up to Wahroonga. The area seems to offer good fundamentals, is very popular and in general seems to be a lovely place. My favoured location to buy I think is G Appologies for all the threads, I dont have much time to get organised before the auction on Saturday. I had a question about the solicitor/conveyancing fees. I remember last time I had this done it cost over $1000. But that was soliciting t
My situation is :
Currently have a PPOR south of perth worth about $320K - $350K and owe $282K
I am about to move to melbourne and will purchase another place there and turn the Perth one into my first IP.
My problem lies in finance for my next PPOR.
I have $30K in savings and no debt except the $282K mortgage on my current PPOR, and my wife and I have a combined income of $135K
So I thought borrowing for a new place wouldn't be that big of a deal, however all the pre approval calculators say I can't get anything !
So I was wondering if I could get some advice on the best way to structure my finances for my next PPOR and make my current PPOR an IP
Thanks for any assistance
Firstly, get your PPOR valued so there's no CGT issues when you sell in the future. An appraisal from a real estate agent should be enough.
Secondly, if the PPOR loan is setup as P&I, you should convert it to IO. There's no point paying off principle on an IP when you have a PPOR debt.
Thirdly, speak with a broker, different lenders have different serviceability requirements. They'll be able to give you a more accurate idea of your borrowing capacity and what you can reasonable achieve.
How much are you looking to spend on your next PPOR? It's unlikely you'd be able to access much equity in your current property. If it was valued at $350k, depending on your lender, you might be able to refinance up to 90% (you might have to pay some LMI) but this will give you some extra funds towards your next property.