- PollynzMember@pollynzJoin Date: 2010Post Count: 4
Hi there we live in Perth in Harrisdale where the median house is 700+ and the median unit is 430 we have had a house built costing 460 we are a couple of metres away from Carey Baptist college. However we still need to complete the back yard with a pool and paving. We are unsure of what pathway to take when investing in other properties. Whether we split the mortgage with other parties to pay off faster and then invest in another property in a few years time or start buying now with parties using the equity of the house we live in?Jamie MooreParticipant@jamie-mJoin Date: 2010Post Count: 5,069
Welcome to the forum.
I don't quite understand the question but from a starting out point of view – most first time investors access equity in their home to use as a deposit towards an investment property.
If you think you might have some equity in your current home you could speak with your lender/broker about refinancing.
JamieGarry MacMember@garry-macJoin Date: 2010Post Count: 22
Yes it’s a little confusing and confronting when you are starting out. However once you do it a couple of times, you will feel much more confident and relaxed about everything.
Jamie’s comment is absolutely correct and you should certainly speak to you financier – preferable a good Mortgage Broker as they can offer a much wider variety of lending options.
One suggestion…always set up a ‘buffer’ (ie have some cash set aside or access to cash via a facility such as a line of credit) in case things do not work out the way you expect, eg if your property doesn’t rent for a period of time.
GarrykimandglenMember@kimandglenJoin Date: 2009Post Count: 26
Sounds like you have some equity in which you might be able to access but would need to have a closer look. Lots of things to consider but if I am reading your question correctly, you shouldn't pay off your investment loan quickly. In a matter of fact you should get an I/O loan for your investment and worry about your home loan if you are wanting to pay off a loan at all.
Living in Canning Vale you have picked a great place to build….