Hi everyone,
I am currently overseas working in the Uk so I can travel the world and have left my little 2 bedroom flat back home to rent out. I often access this site to get some great advice and information for when I return home (whih is very soon).
My flat could sell for between $160k and $200k as it is, with my mortgage being about $100k (I used some of the equity to fund my overseas experience – once in a lifetime experience!).
My question is: where to from here? I would really like to purchase some Investment property but I am also a low income earner. Waht plan of action would you suggest??
Thanks
Bob
Bob
One of the most importants things is equity and you certainly have some of that.
Wy not consider restructuring your current loan so to allow you release some equity and use this as deposits for new IP’s you may wish to purchase.
I am unsure as to your rental income but assume that it is close to if not greater than your current mortgage committment. Also currently whilst you are working overseas and receiving pounds you should try and maximise your savings as it will convert nicelt into Aus dollars at present.
Certainly from the information you have provided you should be able to grow your portfolio.
Cheers Richard
Ph: 07 3720 1888
[email protected]
http://www.yourstatefinance.comSpecialising in US & IP finance.
Richard Taylor | Australia's leading private lender
Hi Bob,
We have just come to Scotland and in a similar position to yourself, have a PPOR in Perth and wanted to invest through using the equity in the house. We are settling on our first IP from here in the next few weeks, hopefully first of many. Being over here certainly takes some of the emotion out, we used a buyers agent but you need to have an idea of what LVR you can get as an expat. We were able to go to 80% with our current lender as demonstrated that we have strong ties to Australia, Richard may be able to help you get a high LVR loan.
Good luck,
Thomas
Sorry for my lack of knowledge but what is LVR??
As for the English pounds, I’m afraid by the time I get home I will have none left as in the year and a half I’ve been over in the UK I have done about 4months solid travelling (some parts of Europe aren’t cheap!!).
Otherwise thanks for the replies.
LVR is Loan to Value ratio, ie how much are you borrowing. For a lot of lenders the 80% limit is where you start paying mortgage insurance so it’s a fwe grand on top of the purchase price, often why people talk about 20% deposits. As an expat I initially was only being offered 70%, so had to come up with 30% deposit through cash or equity to avoid mortgage insurance. You can get much higher loans but it won’t be as cheap, you’ll pay mortgage insurance or a higher rate of interest.
Thomas
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