Josh, Thanks for the congrats and thanks for the detailed response, people can be very generous with their time on this site.
I’ll give you a bit more info.
1. We are married
2. My wife bought our PPOR for 90,000. It is now valued at $350,000. We owe $40,000
3.Investment property was purchased for $220,000 and now worth $300,000, currently tenanted at $230 a week.
I also own a IP which was purchased for $167,000 now worth $350,000. This is tenanted and rented for $260 a week. We got to this position with little fore thought and has generally been on the back of my wifes gumption.
But to move forward our situation now requires a bit more thought.
4. We don’t want to sell the investment properties as they are doing well(mine will be positively geared in a year or so) and we actually are looking at increasing our portfolio.
5. If I was to purchase at market value I would need a loan(my calculations) of around $1,050,000.
IP 1 $350,000 originally wifes PPOR
IP 2 $300,000
new PPOR 400,000 plus(property aint cheap around here)
And even though alot of that would be paid back immediately on settlement I would still have a loan repayment of around $680,000.
I suspect this loan could be tax deductible although a percentage would be used to purchase a new PPOR the majority would be used to buy IP’s
I understand that we would then have added to our portfolio and all 3 would be rented out but i still need a loan of around that size.As I only own one asset i’m not sure the banks would give me a loan of that size.
Anyway thats our situation. Any advice at all would be great and thanks again for what you’ve already given us.