hi guys, im new here and interested in buying an IP.
im currently 27 single, earning around $75k pa . Bought my first home (unit) last year in Glen Waverley VIC for $400k, currently still have loan for aruon $270k . Now to the question. What options do i have? can i use the equity on my home to purchase another IP ?
Thanks guys any HELP would be much appreciated. [blush2]cheers,
You have $50 – $90k worth of equity depending on if you wish to utilise mortgage insurance plus they will take the expected rental as income.
You need to find out what your lending capacity will be so you can determine what price range to you are looking at.Ring a broker and have them do the numbers for you, it’s free and they should be able to answer all your questions
[grad]
Paul Meese
Onyx Finance
[email protected]
0412 850 820
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