All Topics / Finance / Best solution for first Property Investment

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  • Profile photo of norto1norto1
    Member
    @norto1
    Join Date: 2009
    Post Count: 6

    Hello there,
    This is my first post so go gentle…..My wife and I are looking at our first investment place and here is a break down of our position.

    PPOR – Value $380,000 (this is what it was valued at when we got our home loan)
    Loan – $303,000 P&I
    Salary – Mine-$100k +
                Wife-$26000
    other loans equate to about $50000

    So basically what I would like to know is based on what I have got here is it possible for us to look for our first investment place. I hope to get at least 1-3 investment properties a year ( probably pie in the sky thinking) but it won't happen unless we start with number 1.
    Thanks I will appreciate any response.
    Regards,
    Courtney.

    Profile photo of Richard TaylorRichard Taylor
    Participant
    @qlds007
    Join Date: 2003
    Post Count: 12,024

    Hi Courtney

    Firstly welcome to the forum and I hope you enjoy time with us.

    Certainly based on your income figures you appear to have sufficient serviceability to acquire a new IP or two.
    I am assuming that your other $50K of loans are not secured against your PPOR otherwise if they are equity will be limited.

    A good mortgage broker can crunch the numbers for you and devise a strategy on moving forward.

    As my adage remains structure the loans correctly without cross collateralising them.

    Richard Taylor | Australia's leading private lender

    Profile photo of norto1norto1
    Member
    @norto1
    Join Date: 2009
    Post Count: 6

    Yeah Richard you are right the other loans are not secured against our house they were written before we got our home loan.
    Thanks for the reply.
    I will send you an email Richard.

    Kind Regards,
    Courtney.

Viewing 3 posts - 1 through 3 (of 3 total)

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