Hi there
We currently own a property in Townsville worth approximately $300k with a $180k mortgage, renting for $280/wk. We were thinking of keeping that property and somehow renogotiating our mortgage to enable us to purchase another house to live in here in Brisbane (we moved back in a massive rush and are currently renting her for $300/week). We would be looking for a house around the $350k mark somewhere here in Brisbane. We are going to be speaking to a financial planner this week, but looking for as many opinions as possible. Sorry, realise this is probably a very basic question, but we really have no idea!! Any advice or suggestions very much appreciated
Thanks in advance
Jaz/ChrisHi Jaz/Chris
Dont be sorry for asking question. I'm no mortgage broker but I would ask your current financer to up there mortgage on your current property, even dare I say pay mortgage insurance to get a 90+% l/v. You can then use this extra cash as a deposit for your home. Some financers will treat it as a separate loan which makes tax time easier as you can't claim the interest for your home.
Talk to a mortgage broker or accountant familiar with property investing rather than a financial planner as they tend towards other types of investments
Remember I'm just an average investor
enjoy the experience
Rudolph
You will be able to refinance your current mortgage. This will enable you to access your equity which can then be used for the deposit and fees. Because of the amount of your equity, you will not have to pay mortgage insurance AND, it will be "no money down" meaning no actual cash needed out of your pocket…hope this helps.
Hi Jazz , the equity in Townsville should be accessable however the increased mortgage on that property not be tax effective as was raised for personal use, it would be worth your while speaking to your accountant on this.
Structuring your new loan for futuer purposes is quite important we are based in Brisbane if you would like some help
Just wanted to say thanks for the responses! Much appreciated.
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