I am looking at renting my ppor, +g and buying again interstate , I will need to borrow 100% of loan for my new ppor…. is there some better way to do this. Feel like I would be starting all over again. Def… do not want to sell my current ppor though as in a great growth area .Any advice would be app…. [biggrin]
HI Tass,
Set yourself up with a line of credit/equity loan secured against your existing home and then borrow the remaining funds.
Bear in mind that the funds drawn from your line of credit/equity loan will not be tax deductible as the purpose of the loan is to buy a PPOR.
You will also be able to repeat the same process and buy IPs if that is part of your plan.
If this is the case ensure you split your line of credit/equity loans into personal and investment components for ease (and accuracy) of preparing your tax return.
Derek
[email protected]Property Investment Support Available. Ongoing and never stopping. PM welcome.
hi tass,
keep in mind the lender will need to know that you have continuity in employment – so hopefully your company will allow a straight forward transfer – be aware of seeking new employment and having a ‘probationary’ period attached to it may make matters difficult.
hold onto your existing property and orchestrate your employment and income issues in order to allow you a seamless transition.
sitting down with a brilliant mortgage broker is as always, thoroughly recommended.
cheers
Brendan Heagney
Mortgage Broker
07 3240 4815you can simply borrow the 10% deposit from a family member and borrow 90% of the loan from the bank
I’ve found a way to help you save and earn whilst not selling or delivering any product. If interested, drop me an email or PM me to find out how
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