Newbie here so please be patient.
I’m looking at buying an investment property but not sure how much to put in first up. Have about $300k sitting in low interest account, looking at buying unit around $300-400k, thinking maybe just 10% deposit (plus other expenses) then borrowing rest. Or would it be better to put more (eg 20%+) in upfront? Don't want to tie everything up hence lower amount, looking at long term, first entry into investment property, hoping to build. Thoughts?
PPOP paid off, looking at positive gearing.
Thanks in advance.
Hi Val
If you dont need to pay LMI then dont however i would never use any of my own cash as a deposit.
I think if you structure the loan properly you could borrow 80% against the new IP and a Line of credit against the PPOR stick your cash funds in a 100% offset and get the best of all worlds.
This could be the launching pad for additional IP acqusitions.
Richard Taylor | Australia's leading private lender
Great idea, Richard! Well done!
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