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Property is in Melbourne. Lease would be at about 95 years.
Thanks for the replies. The main reason we are looking to sell is that we don’t think the bank will give us a loan if we still have $130,000 owing on our IP if we chose to keep it. Not entirely sure how equity works but don’t know if the bank would be willing to give us a loan of $500-550,000 or even if we could comfortably pay it after having a baby.
Basically we want to spend $550-$600,000 on a house. Selling both properties will hopefully allow us to have a mortgage of no more than $400,000. Selling the villa and trying to keep the apartment might be tougher as it will involve borrowing more money than we already have now. I would really like to keep it but I think for the sake of having a bigger place, selling could be the go. It’s a one bedroom apartment and it’s slightly positively geared.
Thanks for the replies. The main reason we are looking to sell is that we don’t think the bank will give us a loan if we still have $130,000 owing on our IP if we chose to keep it. Not entirely sure how equity works but don’t know if the bank would be willing to give us a loan of $500-550,000 or even if we could comfortably pay it after having a baby.
Basically we want to spend $550-$600,000 on a house. Selling both properties will hopefully allow us to have a mortgage of no more than $400,000. Selling the villa and trying to keep the apartment might be tougher as it will involve borrowing more money than we already have now. I would really like to keep it but I think for the sake of having a bigger place, selling could be the go. It’s a one bedroom apartment and it’s slightly positively geared.
Thanks Ryan. Still just a little confused as to how using e.g $80,000 in equity affects my first loan and/or how much I would need to borrow for my second property? Would that mean that if I bought a place for 400,000, the loan for my second place would be for $320,000???
Hi all. Looking for some help.
I purchased a property 4 years ago for 170,000
That property is currently worth 300,000
I have 130,000 remaining on my loan, so that roughly gives me 170,000 odd in equity.
I am looking to buy another house for roughly $400-450,000.
I'm unsure exactly how using equity works and how it will affect how much I have to pay for my next place. Help would be great!
