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Hi all thanks for getting back to me. Currently we do not live together and will not until we get married. I guess I was just trying to figure out if there was a way that she could get a stamp duty concession or something. But went and met a mortgage broker last night and if we were to buy an IP, irrespective of whose name it would be under, we would be sitting around 98% LVR which is just too high. Think I need to just focus on hammering debt. Currently I am renting out my PPOR until we get married next year and have savings in the offset. Once we get married I'll channel them all into the loan so I can start reducing it significantly and get that LVR down.
Thanks for your help this is a great forum.
thanks for all the feedback and answers all. really appreciate it. helps a lot
Hey all thanks a lot for your replies. I feel I am getting a lot more clarity about some generic strategies to roll with. Feels a lot better to have a stronger sense of vision for the future hey.
Hey Sean can you please direct me to your post. I tried to search for it but could not find it.
Also do you recommend paying IO on my current PPOR if it is my intention to build a 70k cash flow in 10 years? Also not quite following with putting money into offset as I thought that would reduce the interest you pay, therefore your tax deductibility? Interested to know how I can keep LVR low. Perhaps through putting into P&I on PPOR or by offset? Sorry – still need a little clarity on that one.
Cheers
Hey catalyst thanks for your reply.
My long term goal is to replace my salary in passive income – 70000. Essentially to develop a positive cash flow property portfolio.
guess I would consider renting as I would likely save money each fortnight and would not have to pay annual bills. I definitely have not confirmed costs yet though but rent in my area is around 800ish a fortnight. My current p and I repayments are 730 a fortnight however if they were interest only perhaps I would save? Hmmm maybe you do have a point though.
there is currently 70000 equity in my home however still remains to be seen how much more I could manufacture through renovating the home. Could perhaps renovate, hold and use that equity to purchase another?
So my rental is in falcon, Mandurah, Western Australia. The house is 3×1 and the buyers agent is in Perth.
Thanks for the other pointers catalyst
If I can add another point. Keen to develop a system that I can repeat two to three times over and also considering using a local buyers agent here called Property Wizards to help me locate, negotiate and buy undervalued properties.
thanks
