i keep coming to the doubt of owning my own first home or property investment.
do some research and asking around and found out that:
1. bank would be more willing to lend money for people with IP and no mortgage for 2nd investment.
2. IP cost and expenses are tax deductable while own home does not
I need some more inputs please.
i am paying rent of $800 per mth thats why its the range of mortgage payment as well
Hi OO7,I guess it’s your choice whether to buy your own home or an IP. Of course the banks will lend if you have equity in your own home but if you buy now, it could be some time before you gain that equity, depending on whether you wait for prices to rise again or buy and renovate to gain equity then borrow on that for an IP. There are still IPs around where if you have say $10,000 for a deposit and costs, you can buy, eg. a unit at $70k getting $130 rent, take into account the other costs, eg B/C, cheaper price range houses. Maybe you have family who can lend a small amount to start you off and then when the IP gains a bit of equity, you can refinance and pay them back. But work out your strategies and set your goals, you’ll get there.
Anna
yeah i agree with that, will get some help from parents. but i am thinking of getting IP 1st which then the bank will not hasitate to lend me more money for my 2nd IP. as they may regards that the 1st ip have tenant and tax office to help me pay the debt, instead of own home, which i am all liable on the debt and have to pay the expenses from money after tax, where we could pay all expenses from IP with money before tax? need some opinion on this pls.
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