Forum Replies Created
Hi Paul,
I am talking with a current tenant of one of the IP's towards a possible IC. She has been renting it for awhile now and loves the place and would like to buy it. My wife and I have been thinking it might lessen the overall serviceability and allow us to get into the PPOR we are after. Where could I learn more to ascertain if an IC is a 'fit' for our situation and how can I clarify the potential figures (rent, deposit, CGT, etc) and see its viability and check if its worthwhile proceeding? Great suggestion and appreciative of your time.
Cheers,
Adam
Hi Paul,
From some rough calculations if I were to borrow $1.2 mill at 6.53% it would cost approx $1510/wk to repay. If we continued to live in our residence and were to rent out the $1.2 mill property until we could afford to move in, the current comparable average rent for the property we are looking to buy is approx $900/wk. This means a short fall of approx $600/wk. I understand the increase in negative gearing would help to further reduce this $600/wk deficit but not enough for us to commit yet.
Any ideas? Thanks for your interest.
Adam
