Just to correct a few points above:
1) Have you thought about buying a PPOR and having your brother live with you and pay you rent? This way you would be eligible for the First home owners grant which you would not be entitled to if you bought an investment property.
A) Regretfully by renting out part of the home you would disqualify yourself in receiving the First Home Owners Grant as well as any Stamp Duty concession.
2) Redraw on this equity to buy other properties.
A) Regretfully interest charged on redrawn funds where the original purpose of theise funds was to purchase a PPOR is NOT a Tax deductible expense.
You need to have the loan correctly structured to enable you to move forward and most Banks and the average Mortgage Broker would have absolutely No idea.
Richard Taylor | Australia's leading private lender
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