Forums / Property Investing / Help Needed! / Live in a great investment that was our first home.

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  • Profile photo of StuartStuart
    Participant
    @sdmcmillan
    Join Date: 2016
    Post Count: 0

    Hi All,
    Im Stuart from the ACT.

    Myself and partner own a townhouse that has a light rail stop been build out the front and will be a great investment property moving forward. We also need more space.
    We payed 440000 for it and have found out it has appreciated at least 60 to 80,000 and we have payed 20,000 in the offset account of the interest only loan.
    We have found a house that we like for a long term family house for around 700,000.
    On moving in to the new place the loan still owed would be around 340,000 on the town house.

    Or plan was to convert it into a investment property of which we think 5 – 520 / week would be a fair rent. We were wondering what the best way to move forward would be. And finally start my property investing dream.
    We were worried that we will be priced out of the canberra market very shortly if we dont move soon as it is very hard right now to get a 4 bed home under 700,000.

    Cheers Stuart

    • This topic was modified 2 weeks, 1 day ago by Profile photo of Stuart Stuart. Reason: Forgot key info
    Profile photo of crjcrj
    Participant
    @crj
    Join Date: 2004
    Post Count: 613

    Suggest you start with a good mortgage broker to see whether this is feasible. Give them as much information as possible.

    Think outside the box. May be you might be better to buy and lease out for a year. i understand stamp duty on conveyancing in the ACT is tax deductible on IPs because it is actually transferring the lease.

    Profile photo of Jamie MooreJamie Moore
    Participant
    @jamie-m
    Join Date: 2010
    Post Count: 5,042

    Or plan was to convert it into a investment property of which we think 5 – 520 / week would be a fair rent. We were wondering what the best way to move forward would be. And finally start my property investing dream.

    Hi Stuart

    Which suburb is the property in? I have one in Downer that’s near a future light rail stop. The recent growth in the area has been quite good!

    Whether another purchase is doable depends on your borrowing capacity. On the surface – it looks like you have enough equity to support a second purchase so it will just come down to your income/liability/expenses situation.

    All in all – another purchase might be doable. You just need to a) find a decent broker to run the numbers for you and b) structure your loans correctly.

    Cheers

    Jamie

    Jamie Moore | Pass Go Home Loans Pty Ltd
    http://www.passgo.com.au
    Email Me | Phone Me

    Mortgage Broker assisting clients Australia wide Email: info@passgo.com.au

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