All Topics / General Property / Where to from here…? Appreciate some advice

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  • Profile photo of bullet46bullet46
    Join Date: 2011
    Post Count: 51

    Hello everyone,

    I am looking for a little advice on my current situation…

    My wife and I (both 28) have been investing since 2012. We have done reasonably well, but with the arrival of our first child, it has caused us to reassess our direction.

    Currently we have:
    3 Bedroom house, purchase price was $245000, estimated value $320000, rent $310/week
    3 bedroom & 2 bedroom duplex, construction price including land $460000, valued at $600,000. Rent is $275 on front unit and we live in rear (cash in offset means we pay next to nothing in rent/repayments towards our unit).
    3 bedroom & 3 bedroom duplex, Construction price including land $540000, valued at $660,000. Rent is $350 on both front and rear.
    Block of land – currently on the market to repay financed amount – Was going to build another duplex but have decided against the idea.

    All loans are interest only – The security over these properties is done using term deposits.

    Now here is my question:
    We would like to move out into a bigger house as the unit is simply too small. I only see two options and that is probably half my problem…
    Option one is to sell up, pay a big chunk in CGT, and then use our personal cash & profit to buy something outright.
    Option two is to release the equity, use our cash and equity to buy something outright.

    I would just like to own my own house outright. Even though releasing equity is still borrowing, I like the fact that I can dictate how much I pay on the new borrowings by utilising the offset account.

    Any thoughts?

    • This topic was modified 7 years, 5 months ago by Profile photo of bullet46 bullet46.
    Profile photo of Jamie MooreJamie Moore
    Join Date: 2010
    Post Count: 5,069


    Perhaps looks at having your structure/borrowing capacity looked over by a decent broker.

    Having said that – much has changed in the last year when it comes to borrowing capacity assessments (it’s now harder to get a loan if you hold multiple properties).



    Jamie Moore | Pass Go Home Loans Pty Ltd
    Email Me | Phone Me

    Mortgage Broker assisting clients Australia wide Email: [email protected]

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