Hi Sald,
Is your current mortgage $295k or $29.5k? I assumed $295k and that $95k is your gross income, not the full time income reduced pro-rata based on your hours worked.

If my assumptions are correct, you can comfortably afford to borrow additional funds, although many lenders don’t like advancing money for no specific purpose. Some lenders…[Read more]

Hi Jaryd,

You don’t need a 20% deposit but the more you have, the better.
The problem with this is that the sooner you get into the market, the sooner you can start building equity.
For example, if you had bought 12 months ago for $300k, the way the market has improved, it is quite possible your property would now be worth around $330k. Of course…[Read more]