Forum Replies Created
- WomeninPropMelb wrote:Caprivik – what do you mean"victims" real estate? Do you think he ripped you off? Yes, Corio has a shopping centre- and lots of those housing commission type houses going on- there are parts I guess that are ok – ish. Norlane – some parts again ok- I was impressed with the parts with streets named after birds- "Swallow" and "Dove"..
I believe that part of Norlane is nicknamed "the Birdcage" by the local cops!
Thanks all for your helpful advice, will definitely be pursuing my options with a broker now.
hi all,
I'm in a similar situation to the OP in that I'm looking to purchase my 1st investment property. Key difference is that I purchased my PPOR in 2004, so it would be my second property and I would be looking at using the equity in my PPOR.
My PPOR is a 2BR flat within 8km of Melb CBD, close to multiple forms of public transport, vibrant cafe culture and shops. I would conservatively estimate current market value to be $350,000. I have $90,000 still owing on the mortgage. My main salary is about $55,000 but I earn an additional $20-$30k/pa from my self-employed business. I have no credit card or other debts besides my mortgage.
I am looking at investing in the Geelong area, ideally with about $350,000 which would get me a 3BR house on a decent block within close proximity to Geelong CBD. Research tells me that rental could be $300/wk. My partner lives in Geelong so in the long-term, I may eventually relocate there, however in the short-term this is not on the cards. My long-term goal at this point in time is to afford to buy a house in inner Melbourne.
My question is – how does the whole equity thing work? Do the figures stack up and is this a feasible plan? How much extra would I actually need to borrow? Please excuse me if the questions have obvious answers but I'm very new to the investment game and all things financial in general!
