LOC

Viewing 4 posts - 1 through 4 (of 4 total)

Blue01
Participant
@blue01
Join Date: 2003
Post Count: 1
August 8, 2003 - 12:23 am
Guys
Can someone please offer soms assistance? . I wish to begin building a property portfolio and I need some advice with regard to finance. My PPOR is valued at around 300k and after consolidatig debts I have been told that I can borrow 130k to invest with using a LOC. My question is, Can the 130K be used as deposits for properties or can I only buy 1 property initially?
Any help would be appreciated
aussierogue
Participant
@aussierogue
Join Date: 2003
Post Count: 983
August 8, 2003 - 12:27 am
blue depends on yr servicability, what type of properties you wanna buy and a few other things. there are a few mortgage brokers on this forum who can give you the lowdown
cheers
Blue01
Participant
@blue01
Join Date: 2003
Post Count: 1
August 8, 2003 - 12:38 am
quote:
blue depends on yr servicability, what type of properties you wanna buy and a few other things. there are a few mortgage brokers on this forum who can give you the lowdown
cheers
Thanks Aussierogue
I have an income of 45k and am looking at doing lease/buy deals as I am really interested in investing for cashflow

golfer
Member
@golfer
Join Date: 2002
Post Count: 27
August 8, 2003 - 2:03 am
Hi Blue
The equity raised from your LOC can be used as the deposit for as many properties as you like subject only to their price and your ability to service the total indebtedness.
Usually you would look to put down 20% of the purchase price as deposit plus purchase costs and therefore depending on the area you are looking at investing in maybe limited to 1/2 new properties.
If you would like me to crunch some numbers for you I would be happy to do so. [email protected]
Richard
Your State Home Loans