Hi Benny,
Thank you so much for your detailed response.
We have recently purchased the property so the value would not have changed, I think it would be worth $440,000. Minus expenses it would be neutrally geared.
If we have $100,000 equity in this property should we try & borrow against this property to buy another property or wait until we have more equity? We are not big earners & have a young family so I don’t want to take big financial risks, but I don’t want this to be our only property due to fear or lack of knowledge either. We have $800 per fortnight to service another loan but no deposit as the $100,000 was all put into this queens town property.
Any advice appreciated.
Angela.