How long should I wait to purchase another property?

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possumpal
Member
@possumpal
Join Date: 2006
Post Count: 48
February 26, 2010 - 10:40 pm
Hello
Just wondering what a depreciation schedule is?
Thanks Tim
HandyAndy888
Member
@handyandy888
Join Date: 2005
Post Count: 160
February 26, 2010 - 10:45 pm
Congrats on taking the step!!! IF your income is large enough and you can do the numbers favourably for another cf- property, do it now!!!
Blissy
Participant
@blissy
Join Date: 2010
Post Count: 17
February 27, 2010 - 12:08 am
Qlds007 wrote:
Hi again Blissy
Firstly congrats on the news of your new arrival.
From those numbers i think your equity is fairly limited so might be a matter of using some of your cash / managed funds and looking at a 90-95% lvr.
Not cheap when it comes to the associated costs but gets you miving forward.
i am assuming you havent considered buy a PPOR and claiming the FHOG ?
Richard,
Thanks for your reply, I have no problem with using my savings I assumed that i would have to and I am also happy to use the money I have in the managed fund if need be.
I just dont really want to pay LMI as it is dead money but if i have to then i have to, but im looking at a new IP around July so that gives me roughly another 3 -4 months to save as much as i can (hopefully around another 5K) plus my fiancee will have roughly 10K to go towards the funds. So by the time July comes around i would like to have rougly 45-50K in funds plus what ever my equity is at the time (currently around 22K).
I am no longer entitled to the first homebuyers grant as i have already had it and sold that property. It made more sense financially for defence to pay my rent and for me to use my money to invest.