Hi Everyone,
I'm 24 new to the property market, and strongly considering making my 2nd purchase. Any information/guidance would certainly be welcomed. Having read alot of threads I know theres quite a few very knowledgeable individuals out there
My current situation is as follows:Loan: $423,000
Property value: $600,000Combined income: $100,000
Location: Seddon, MelbourneAny comments about how you might take advantage of this situation would be most appreciated. I understand that i dont have huge amount of capital, however im rather interested in the way in which this capital can be maximised.
A special thanks in advance guys!
Kris.
Correction: Combined income is $120,000
Hi there, based on your numbers you have around $60K in equity (80% LVR) that you could use to purchase another IP. You have not mentioned if you have credit card debt, car repayments, etc, etc, however with an income of $120K you should be able to borrow to purchase another property.
$60K is 20% of $300K for example…
Happy Investing
95% or even 100% LVR is available on a standalone investment property purchase so as long as you have some equity in your PPOR to access the acquisition costs then you certainly have sufficient income.
Richard Taylor | Australia's leading private lender
Thanks for the above responses guys.
Jon: I dont have any other debts besides the mortgage repayments.
I've been doing some research on a couple of areas that I might invest in – Sunshine and Footscray. What are your thoughts in regards to both houses and units in these areas? I feel pretty confident with Footscray, however am a little uncertain about Sunshine.
Cheers
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