All Topics / Help Needed! / What would be our next move?

Viewing 2 posts - 1 through 2 (of 2 total)
  • Profile photo of Karl and RitaKarl and Rita
    Member
    @karl-and-rita
    Join Date: 2003
    Post Count: 103
    April 10, 2004 - 9:23 am

    Hey everyone,

    We were wondering if anyone could help us move in the right direction. My fiancee and I have just bought our first home and want to invest in real estate ASAP. First I’ll show what we have:

    House sale price: $93,000
    Mortgage: $74,400
    Independant Valuation: $125,000 (as at March 04).

    So, we know we have some equity here, it’s just we don’t know how to go about using it (or even if we should) to buy IP’s.

    Although the valuation is $125000, the bank only considers it worth $93000 (if what I hear is true) until we refinance.

    CAN ANYONE EXPLAIN TO US HOW TO DO THIS OR IF WE SHOULD.

    Any help in this matter would be greatly appreciated.

    Thanks,

    Karl and Rita.

    The future belongs to those who believe in the beauty of their dreams. – Eleanor Roosevelt

    Profile photo of Mobile MortgageMobile Mortgage
    Member
    @mobile-mortgage
    Join Date: 2003
    Post Count: 913
    April 10, 2004 - 10:49 am

    Hi Karl & Rita,
    Based on your figures you could refinance at 80% LVR, this will leave you with $26.000 less costs for a deposit on an IP,
    If you require more funds another option may be to release more equity at a higher LVR, but in doing this you will incur mortgage insurance,
    Regards
    Steven
    Mortgage Broker

    [email protected]
    http://www.mobilemortgagemarket.com.au
    Ph:1800 820 500
    Victoria

    PLEASE note comments made should NOT be taken as specific taxation, financial, legal or investment advice. Please seek professional, specific advice.

Viewing 2 posts - 1 through 2 (of 2 total)

You must be logged in to reply to this topic. If you don't have an account, you can register here.