Getting into a family home – our dilemma advice needed with our properties

Hi All,

first of all, there is some great advice on this forum! so thought I’d see what great ideas might help me..

My Situation:

1st IP

Mid-low $400’s unit with 2 bed/ 2 bath/ 1 car owned it for about 3 years with about $40k equity… have good tenants paying $400 per week..it was my PPOR, got the FHOG years ago and the stamp duty exemption – lived in it then rented it out since, got a TDS which is good as the unit is only 5 years old. so been out of it for about 2 years…still only in my name on title… so for another 3 years if sold there would be no CGT payable on this property.

Land $372K valued at $430k – located in Gymea

Current PPOR

Now living with my partner in one she bought, worth in the mid $400’s 2bed/ 1bath/ 1 car also with about $40k equity…but no tax effectiveness as we both live in it…could do with a new bathroom and kitchen…earning potential of about $370-$380 per week

Loan $384 valued at $440k – located in South Cronulla

each property are in single name only on title – the first in my name and the current ppor in my partners name.

Our issue:

We have an eight month old baby, my partner has just returned to work and we are planning to expand our family in the next 2 years.Our current unit is fine for a first child and will do a couple of years… we need to get into a bigger house whilst we are both still working.

What have others done or what would you do in this situation?? We would like to keep at least one of these if possible…

Any advice would really help us!!

Thanks All!!