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  • Profile photo of Blue01Blue01
    Participant
    @blue01
    Join Date: 2003
    Post Count: 1

    Guys
    Can someone please offer soms assistance? . I wish to begin building a property portfolio and I need some advice with regard to finance. My PPOR is valued at around 300k and after consolidatig debts I have been told that I can borrow 130k to invest with using a LOC. My question is, Can the 130K be used as deposits for properties or can I only buy 1 property initially?
    Any help would be appreciated

    Profile photo of aussierogueaussierogue
    Participant
    @aussierogue
    Join Date: 2003
    Post Count: 983

    blue depends on yr servicability, what type of properties you wanna buy and a few other things. there are a few mortgage brokers on this forum who can give you the lowdown

    cheers

    Profile photo of Blue01Blue01
    Participant
    @blue01
    Join Date: 2003
    Post Count: 1

    quote:


    blue depends on yr servicability, what type of properties you wanna buy and a few other things. there are a few mortgage brokers on this forum who can give you the lowdown

    cheers


    Thanks Aussierogue

    I have an income of 45k and am looking at doing lease/buy deals as I am really interested in investing for cashflow

    Profile photo of golfergolfer
    Member
    @golfer
    Join Date: 2002
    Post Count: 27

    Hi Blue

    The equity raised from your LOC can be used as the deposit for as many properties as you like subject only to their price and your ability to service the total indebtedness.

    Usually you would look to put down 20% of the purchase price as deposit plus purchase costs and therefore depending on the area you are looking at investing in maybe limited to 1/2 new properties.

    If you would like me to crunch some numbers for you I would be happy to do so. [email protected]

    Richard
    Your State Home Loans

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