Firstly, HI ALL[
]I have just joined, fascinating stuff!
Have a basic question. We currently have a house, our first home. Do we have to change to an investment loan to rent it out?
It needs a lot of work, so far we have probably spent way too much on it already, at the moment it is just sitting & doing nothing & has been for 12 months, (we had to leave town in a hurry to take over a business, long story)very hard to know what to do with it because we still owe quite a lot of money on it & certainly couldn’t access any equity I don’t think. We want to buy more property, but this is holding us back, but because we live in a very remote location, I thought if we rented it it could be a start, I only have the internet for looking at other properties.
Has anyone here ever changed their loan on their primary residence? Any thoughts would be greatly appreciated.
ThanksThere is no need to change the loan if the property is to be rented.
If your loan is expensive or otherwise unsuitable then you may wish to consider it but you will need to take into account the fees involved before you can be certain it is worth it.
Cheers,
Simon Macks
Mortgage Broker
http://www.mortgagehunter.com.au
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
just give the key to pm and try to rent it out as quick as possible. No need to change loan.
Warm Regards
ChanDollars
[Keep going, you’re on your way to Frolic Freedom!]one other thing I like to add is to get a valuation done for future CGT purpose.
Warm Regards
ChanDollars
[Keep going, you’re on your way to Frolic Freedom!]
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