Sorry for confusion, I hadn’t slept. Its the 3rd home they are joint owners and are renting out to tenants.A 1/4 of $220,000 would be $55,000.My friend would borrow the rest. I don’t want sell home in Ellenbrook,as it will be close to the town centre when it is completed. Maybe I should buy ip there also.Went to a home open today within 10mins of…[Read more]

The 3 properties have separate titles,and have been approved,4×2 b&t.the 3rd,at the back of the others is on the market for $220.I must admit I thought it a bit high as I ahve a 5×2,3b/r are double size,1 regular and 1size in between the two.I was told,by a r/e agent I would get about $200 because it only has a single carport.
Should I sell my…[Read more]

Some of my friends have suggested that I sell my home and use the profit to buy another but I don’t work(well not for a wage)and even with $100,000 I wouldn’t be able to get a loan.Is this correct?

Lisa

thanks si & crocco,
I’ll look into the allergy issue more,thanks.
As to crocco’s input,wow,theres food for thought.I have only been thinking about this since christmas night,so I haven’t looked into any of this,although I’m sure I’d have to pay some rent to my friend.For my home,I can rent it between $200-$220.My mortgage repayment is $162,but I’m…[Read more]

I have 4 children at home,I’m on a pension, recieve family allowance and maintence.It works out to about $1300pf.My youngest has allergies bad,the worst to pine trees,which surrounds Ellenbrook.So I have to move for her health.
I’m open to any other suggestions, I thought it would be good to be able to use the equity so I can get ahead.

Lisa

quote:
Unless you have a personal reason for moving you might find it more tax efective to borrow 110% against the new property, secured by the old one, and rent that one. That means staying where you are.

Whether you will get the finance depends on the numbers which you haven’t provided.

Cheers,

Simon Macks
Mortgage…

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