HI,
I AM CURRENTLY IN A MORTGAGE $262,000 AND I EARNED 52000 P.A AND MY PARTNER EARN 400 A WEEK. BUT SINCE EVERYTHING BEING TIGHT WE DECIDED THAT WE PALN TO SELL OUR PROPERTIES WE LIVED AND GO BACK TO RENTING. AS WE HAVE CONSIDERED ALL OPTIONS I THINK RENTING SOMEPLACE EALSE WILL FREE UP OUR CASH AND THEN WE COULD BUY MORE INVESTMENT PROPERTIES THAN HAVING A MORTGAGE. wHAT DO YOU THINK? IF WE DECIDED TO SELL HOW MUCH AM I WILLING TO LOSE AS I HAVE NEVER SOLD A PROPERTIES BEFORE. WOULD I WILL BE ABLE TO USE THE MARKET APPRASIAL OF THE PROPERTIES I LIVED IN AND GAIN ACCESS TO THE EQUITY OF THE HOUSE TO PURCHASE AN INVESTMENT PROPERTIES. IS THIS OKAY TO DO IF YOU ARE PLANNING TO SELL.Hi Flop
If you are selling you will be up for some legal costs, real estate agent’s fees (about 2.5%), loan exit fees etc. And then when you buy you will be up for stamp duty, loan applicaiton fees and legals etc.
Also do some sums on what it would cost/benefit if you rent out your home without selling. You could rent elsewhere, and acess your existing equity in your home to buy more.
If you are selling, then you can’t really use the equity in your house.
Terryw
Discover Home Loans
Mortgage Broker
[email protected]Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Hi Flop
I agree with Terry that you need to do your sums. How much equity have you got to release.
With a fully flexible loan, you should be able to do a partial discharge or security substitution when you sell you place and buy investment property.
I have also sent you a PM.
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