Hi Guys
Would love some advice on our situation.
The crux of it is we want to buy a new PPOR before selling our existing. Existing will be on the market in a week, but we want to make a pre auction offer on the new place now or buy at auction in 3 weeks.
Current PPOR worth $1.2m Loan $590K ANZ
Current IP worth $470K Loan $450K ANZ
No other debt, 3 kids.
Incomes $280K
The new place would cost $1.55m and we estimate we would end up with a loan of $1.02m for the new place (inc purchase costs).
We could do it with bridging finance if we had a sale contract on the existing PPOR, but is there anyway we can achieve it before we have a sale contract?
If it is relevant to the answer, the rental on the new place would be $1100pw. I guess this may be relevant if we have to make the new place stack up on its own, even though we don't intend renting it out.
Would love some advice.
Cheers
Justin
Would love some advice on our situation.
The crux of it is we want to buy a new PPOR before selling our existing. Existing will be on the market in a week, but we want to make a pre auction offer on the new place now or buy at auction in 3 weeks.
Current PPOR worth $1.2m Loan $590K ANZ
Current IP worth $470K Loan $450K ANZ
No other debt, 3 kids.
Incomes $280K
The new place would cost $1.55m and we estimate we would end up with a loan of $1.02m for the new place (inc purchase costs).
We could do it with bridging finance if we had a sale contract on the existing PPOR, but is there anyway we can achieve it before we have a sale contract?
If it is relevant to the answer, the rental on the new place would be $1100pw. I guess this may be relevant if we have to make the new place stack up on its own, even though we don't intend renting it out.
Would love some advice.
Cheers
Justin