My partner and I recently bought our first IP in Margate (Redcliffe area) north of Brisbane. It's 2bdrm house that we purchased for $310 mortgage of $280 and are renting for $300per week. We have some some minor renos including bathroom, kitchen tiling and new fittings, removed a wall, new BIRs, paint and floor thoughout and just about to apply for pre approval to purchase a second IP. Our thoughts are to buy similar property being a house around or under $350k (for serviceability) looking in South west Sydney this time (Campbelltown area and also looking at suburbs in Melbourne such as Melton, sunshine, cranebourne, or a unit in Cairns) tnoughts/opinions would be appreciated
I am also looking for advice or any tips on how to structure our "second loan" at this point I am thinking we just go back to our broker and see what she suggests as we are not sure of the best option. The loan on our first IP is IO with offset attached and our income is building up nicely in the offset I'm just not too sure how the "second loan" should be structured or how it works.
I am also looking for advice or any tips on how to structure our "second loan" at this point I am thinking we just go back to our broker and see what she suggests as we are not sure of the best option. The loan on our first IP is IO with offset attached and our income is building up nicely in the offset I'm just not too sure how the "second loan" should be structured or how it works.