Hi,
I am new to this forum and have already realised my user name is spelt incorrectly. Any way my problem is this-
We are looking to get into the investment market, we have bought our first house and are living in it. We feel now that we want a bigger house but would like to keep the unit as an investment. I will list our figures and may be some one could give us ideas or pointers on which way we could go.2 br unit cost- $263,000
After 7 months from settlement mortage is at $190,000 (personal money used to lower debt)
Monthly repayments principle and interest = $1400 approx
Additional repayments made per month $1200
Possible rental income $200-$230 per week
Gross combined wage = $103,000 approx
30yr loan with 2 more years at .33 below variable rate.Based on the above info, could anyone advise if they think we could afford to purchase a house in the $350,000 range based on nearly a 100% loan.
If anyone has any other ideas or directions it would be greatful as right now we do not know which way to go…..Many thanks….
Hopfully i can get up to speed in this game[biggrin]
If you want to keep the unit as an investment, probably the first thing you should do is to stop paying extra off the loan, and to change it to interest only.
You want to keep all extra funds for your new home – as it is non deductible.
btw, I think you can change your username – just click on your name and you can do it from there.
Terryw
Discover Home Loans
Parramatta
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Just send me a blank email, with “subscribe†in subject line.Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
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Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
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