Property is in Melbourne. Lease would be at about 95 years.

Thanks for the replies. The main reason we are looking to sell is that we don’t think the bank will give us a loan if we still have $130,000 owing on our IP if we chose to keep it. Not entirely sure how equity works but don’t know if the bank would be willing to give us a loan of $500-550,000 or even if we could comfortably pay it after having a…[Read more]

Thanks for the replies. The main reason we are looking to sell is that we don’t think the bank will give us a loan if we still have $130,000 owing on our IP if we chose to keep it. Not entirely sure how equity works but don’t know if the bank would be willing to give us a loan of $500-550,000 or even if we could comfortably pay it after having a…[Read more]

Thanks Ryan. Still just a little confused as to how using e.g $80,000 in equity affects my first loan and/or how much I would need to borrow for my second property? Would that mean that if I bought a place for 400,000, the loan for my second place would be for $320,000???

Hi all. Looking for some help.I purchased a property 4 years ago for 170,000That property is currently worth 300,000I have 130,000 remaining on my loan, so that roughly gives me 170,000 odd in equity. I am looking to buy another house for roughly $400-450,000.I'm unsure exactly how using equity works and how it will affect how much I have to pay…[Read more]