Welcome agaperob.

I don’t know exactly if you are paying extra payments into your existing PPOR loan, but if you are then are you paying them directly into the loan or placing them in a 100% offset account.
If you don’t have one of these 100% offset accounts, try to set one up. They work like a normal savings account, except the money that is in it get taken off your loan amount.

E.g. you have a loan of 247K(currently). But say you had 10K in the offset account then you would only be paying interest on 237K(247-10) so its the same in that regard but the big thing is that you can easily take the money out of the offset account, just like a normal withdrawal(maybe not at ATMs though).
If you pay it off the loan directly then the only way to get your money back to be used for deposits is the redraw which may not be possible or may attract fees which can be quite substantial.

So thats the first thing to do if its not already done.

Your combined income seems quite good(if you’ve been in those jobs for over 12months each then that will help you acheiving finance).
Even if you only had 10K(like what cbellesini said) then that would be alright. You could buy in the 200-250K range or so and use the 10K, i know its 5% not 10%. But like in Steve’s book you don’t need all that much to have as a deposit. If you haven’t read Steve’s books I highly recommend them. I have finished the first one and onto the second one. They are the best resources out, I reckon.
I’ve read about 15 IP books and all of them focus on negative gearing but his cashflow positive approach seems to kill them all. Great stuff.

Also even if you haven’t got the relevant cash at hand and won’t invest for a little while till you save up a bit, you can still look around and visit properties, get the general feel for everything.

Hope that helped, sorry if it was a bit long.
Regards Christopher Fife.

First thing first get white venetians or something else but it has to be white or like cream. Generally a light tone of something.
With the tinting I have no idea. Um I wouldn’t spend the money on the air con. Unless you have money growing out of your ears like half of the people here.
Christopher.

So its like refinancing your IP which would make the extra refinanced value of cash non-deductable now be deductable. This seems to be a good idea.
Hmm, how would all the tax be handled does it get tricky or something?

So once you get this pre-approval and you go out and buy a house in that pre-approval range then you go back and they give you a loan as they have sorta already approved it.
Also is pre-approving a loan the best way to finding out your borrowing capacity with what you have??

Thanks,
Christopher

With a normal residential property, you could add storage space via the addition of one or two sheds, available cheap from stratco or other businesses. This can add something to the weekly income and also increases the value of the property by way more than what you have spent.

Christopher Fife.

I like your attitude and action Dr.X.
You sound very firm. You can’t let the tenant take control.

Christopher.

Your saying your property goes up 100K. and you pay 155K in interest. You feel your losing money. Well if its our PPOR your not gaining anything. Your paying an extra 55K.
But if you make it an IP, then you would get weekly rent. And that would probably slash that interest bill down to only 20% of what it is now. And if you are still putting money into the situation you can claim its a negative gearing and in some circumstances using depreciation you can come out on top and have a positive income from the place. So at the end of the day(or ten years), you are not paying the 155K interest, you are not losing 55K, but possibly gaining 100K(or even more).

This is all based on the fact that you are making this property an investment one.

If you can live at home a few more years. I would suggest this, buy 2 IPs before your PPOR. Though consult a professional financial planner before you make any decisions.

Good luck, Christopher.