We have 3 IP’s one of which used to be our PPOR until our recent interstate move. We are now renting. We have only had these properties for under 4 yrs
While we were living in our PPOR we made a concerted effort to pay as much as we could onto our mortgage, meaning we are $38 000 in surplus.
We would like to buy another IP as we have enough saved for our next deposit. But we have only just moved interstate and therefore changed jobs etc so the banks have said we can’t borrow until we have been in our jobs for longer.Our question is:
Would we be better off to withdraw the $38 000 surplus and use it along with our present deposit to purchase one of more IP’s (once we have passed the 6mth probationary period in our new jobs)
OR
Refinance the IP property so that our loan is now for $38 000 less meaning that this property is markedly cash flow positive – at the moment it is only minimally cashflow positive.We keep going around in circles trying to decide what to do and perhaps a fresh perspective will help us decide.
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