If you have been paying a P&I loan on investment #1 then you may have built up some equity. Refinancing with interest only may give you enough to add to your $20k to go for property #2.

You would need to do more number crunching to see if this is viable.

Good luck.

A

We try to keep all of our loans distinct and definitely well away from PPOR loans.
I have always claimed the interest on all the borrowing which includes deposits.

Hope this helps.

A

Just to let you know that I am in my 40s, I work fulltime, study parttime, run a house for my family (husband and two kids) and am just starting out with my retirement plan using PI. I don’t wish I had obtained my degree straight out of school (I am finding it much easier with many years of life experience under my belt) but I do wish I had…[Read more]