Forum Replies Created
- Terryw wrote:Under 50sq m?
According to the title, it is approx 160sqm.
Thanks for your replies. It's in a Victorian regional town – Ballarat. It's actually my home town, and I have read that you shouldn't buy in your local area as you can get too attached, but if it's such a good buy, why not.
It's in a good area, close to shops, schools, entertainment. It is the rear most unit in a block of 3 units. It backs on to parkland.
It still raises a concern with me as to why it hasn't sold yet.
Freckle wrote:Mikand wrote:Unfortunately, I think I need to be a bit more patient, and wait until my PPOR value increases or pay off more of the principal.
You have a $400k property with only $60k of equity after 8 years. If you took entry costs, holding costs and exit costs (if sold) then you are probably underwater on this place
If you're going to go for an IP you definitely do not want to repeat that performance or you're on a hiding to nowhere.
Hi Freckle,
Just to clarify, we didn't build this house 8 years ago. We actually built it just under 4 years ago. I probably wasn't clear with the investment property we had 8 years ago. To further explain, we built our first PPOR 8 years ago, lived in it for 2 years, then rented it out. We then had to sell to build our current PPOR 4 or so years ago.
Apologies for the confusion.
Qlds007 wrote:Your equity is fairly marginal so you might to look at a 100% standalone investment loan.
Thank you for your reply. Are there many lenders out there these days that would offer a 100% standalone investment loan?
Jamie M wrote:3 kids under 3 – how have you got time to post this question!
Jamie
Thanks for your reply. Very difficult to find any time these days. Add working full time and studying to that as well!!
Jamie M wrote:Your borrowing capacity may be a bit tight – but could possibly be improved depending on the way your current PPOR loan is set up and whether or not you have any other liabilities.
Jamie
The current PPOR loan is on a fixed rate and interest only. As far as other liabilities, we have a car lease, and a credit card for interest free purchases with a limit of 10k.
Unfortunately, I think I need to be a bit more patient, and wait until my PPOR value increases or pay off more of the principal.
