Hi everyone,
Bit of a long one - sorry!
I'm wondering if I could get some advice or suggestions from anyone who is in the same situation:
I currently have a rental property which I purchased with the first home buyers grant nearly 12 months ago. The tenant will move out soon - before the 12 months is up (as a condition of the grant stipulates we need to live in the property for 6 months within 12 months of settlement). We have the luxury of living rent free at the moment and were goimg to move in the the property after we had renovated a little.
What I am now thinking of doing is renovating a few things as it does need it and then renting it out again in 6 months at a higher price. (Property is in Tullamarine.)
What I want to do in the meantime is save up for a deposit to purchase another property. Am I able to in effect have 2 mortgages - with the rental income covering one and me covering the other with my income. Obviously this would depend on the bank but I wanted to hear from anyone else who has done this and any advice you have. What are the pros and cons?
Thanking you all in advance!
Bit of a long one - sorry!
I'm wondering if I could get some advice or suggestions from anyone who is in the same situation:
I currently have a rental property which I purchased with the first home buyers grant nearly 12 months ago. The tenant will move out soon - before the 12 months is up (as a condition of the grant stipulates we need to live in the property for 6 months within 12 months of settlement). We have the luxury of living rent free at the moment and were goimg to move in the the property after we had renovated a little.
What I am now thinking of doing is renovating a few things as it does need it and then renting it out again in 6 months at a higher price. (Property is in Tullamarine.)
What I want to do in the meantime is save up for a deposit to purchase another property. Am I able to in effect have 2 mortgages - with the rental income covering one and me covering the other with my income. Obviously this would depend on the bank but I wanted to hear from anyone else who has done this and any advice you have. What are the pros and cons?
Thanking you all in advance!