Thankyou to everyone for your suggestions and words of advice.
Thankyou Kay, I don’t particularly want to sell the family home as through the separation, I think it is the one thing the children had, their family home.
However, if I have to I will.Rent in the area will cost me nearly as much as my mortgage, except that I would get some rent assistance.
I am unable to get more hours with my present employer (Education Dept) – budget cuts – and was thinking of starting my own at home office work or book work business, but that won’t make me much extra. Then I tossed up the idea of my own business, which I have always wanted to do, but in what field not sure…
I see what you mean about the banks viewing the “serviceability” of any future loans for IP’s, is that the same for lo doc loans. My current loan on my PPOR is a lo doc loan as that was the only way I could get finance after our separation, I beleive the mortgage broker “helped” out my figures a little on that one.
Thanks for the advice, any more is very welcome
“I would NOT sell your home if I were you. It sounds like you live in a nice home, and you have kids- renting would cost you as much as your mortgage probably.
I would chuck the credit card debt into your current mortgage, perhaps think of moving your loan to a cheaper rate (but there will be costs involved in doing so, as you know) and thinking about how you can use the equity in your home to buy some CF+ props, if that’s what you want to do.
Paying rent or a mortgage will limit what you can do on a part-time income. You have a lot of equity- so that will give you some choices, but remember- a finance institution is concerned about serviceability- not on how much equity you have. An example of this would be a pensioner living in a million-dollar home in sydney- lots of equity- but no way to pay off future IP’s- unless of course they sold their home- a rather large sacrifice.
Can you work more hours at your current job?
kay henry”
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