Hi guys, I’m just looking for some ideas for my current situation.
I have a 3 bed house in The suburb of Laverton in Melbourne that I currently rent out for 280pw.My Morgage is interest only and I owe about 310k.Not sure how much my house is worth now maybe somewhere between 350 and 380k
I live in Brisbane now and pay $440 a week in rent.I earn about 1300 net a week and have about 10k in savings at the moment.
I want to buy a place in Brisbane but not sure if I should sell my house in Laverton or hold on to it and keep saving.
Any advice would be appreciatedHi LB 75
The place you want to buy in Brisbane – do you want to live in it yourself or do you want it to be an investment property?
Before you get too ahead of yourself and sell anything, it would be best to talk to a good broker and determine how much you could borrow if you kept the Laverton property compared to how much you could borrow if you sold it.
Remember that while your $10k savings won’t get you far for a deposit, an equity release loan against Laverton could beef that number up if Laverton is now worth a decent bit more than what you paid for it.
Something to keep in mind is that mortgage interest against a property you live in is not tax deductible (whereas interest against an investment property is tax deductible). So there is sometimes a good argument for having a very small loan against the property you live in, which in your case if you live in the new Brisbane property, the loan could only be small if you sold Laverton.
Chat to a good broker first and that should clear the clouds a bit to help you decide what’s best for you.
Jacqui Middleton | Middleton Buyers Advocates
http://www.middletonbuyersadvocates.com.au
Email Me | Phone MeVIC Buyers' Agents for investors, home buyers & SMSFs.
Hi Jacqui
Thanks for that. Yes I would be looking at living in the place in Brisbane.
Would you or anyone know a good broker in Brisbane I could chat would?.Hi Lb 75
Richard Taylor of Taylored Financial Solutions is Brisbane-based. His userid on the forum is Qlds007.
The link to his userid on these forums is here; https://www.propertyinvesting.com/members/qlds007/
Jacqui Middleton | Middleton Buyers Advocates
http://www.middletonbuyersadvocates.com.au
Email Me | Phone MeVIC Buyers' Agents for investors, home buyers & SMSFs.
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