unsure if were able to get another property

Viewing 5 posts - 1 through 5 (of 5 total)

wannabe2
Member
@wannabe2
Join Date: 2003
Post Count: 65
September 15, 2003 - 2:24 am
hi everyone,myself and my wife are new to this site and have just read steves book,we have a place in sydney our ppor,also have 2 ip’s altogether we have approx 430,000 equity in them although we have the deeds to ous second ip at the solisitors because we simply bought it with our line of credit on our mortgage on our ppor.not sure if this was a good move or not.being self employed on a low wage with my wife at home and four children does anyone have any suggestions how we could progress? would it be a good move to use deeds to second ip as collateral on a new ip,as we have no money to put down.any help would be appreciated thanks.(wannabe)
hilary
Member
@hilary
Join Date: 2002
Post Count: 146
September 15, 2003 - 4:29 am
You need to get advice – find a good accountant – ask on this site for one close to you.
You should also get a good mortgage broker, and get the debt from your ppor, onto your ip – simply because as a self employed person, that interest is tax deductible – but not the interest on your ppor.
wannabe2
Member
@wannabe2
Join Date: 2003
Post Count: 65
September 15, 2003 - 4:59 am
quote:
You need to get advice – find a good accountant – ask on this site for one close to you.
You should also get a good mortgage broker, and get the debt from your ppor, onto your ip – simply because as a self employed person, that interest is tax deductible – but not the interest on your ppor.

thanks for the reply,how do we get the debt transferred from our ppor to our ips?also will post and ask later for advice on a good accountant.
wannabe2
Member
@wannabe2
Join Date: 2003
Post Count: 65
September 15, 2003 - 5:02 am
one other thing,if i put debt from ppor to ip’s would that hold me back as regards equity needed in ip’s to refinance to buy more ip’s?
Terryw
Participant
@terryw
Join Date: 2001
Post Count: 16,213
September 15, 2003 - 6:57 am
Most people would have done it the other way around. Your most valuable asset is securing your investment property. But it should be pretty safe!
Yes you could restructure and get a loan secured against your investment property and access that equity for deposits for investment properties. You should be able to buy a fair few with that sort of equity.
Terryw
Discover Home Loans
North Sydney
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Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
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