Hi all,
First time poster
I have been chatting to a few mortgage brokers and each have different opinions on the deposit amount, so rather confused.
Firstly my situation:
- Work full time PAYG in a secure industry
- Own two investment properties, both IO loans with Homeside at 630k with good service history
- Investment strategy is to buy/hold properties around the 200-250k, add equity through renos, draw down on the equity to make more purchases
- Total borrowing capacity an additional ~$800k
- $90k equity saved (30k from current investment properties)
Browsing the forum, some suggestions were to go hard at the start. So 5% + LMI, particularly for properties below the $300k mark.
However speaking to some experienced investors, they stated that 95% will only get you so far and in the long run it's better to go at 80% as banks are more willing to lend to you?
Perhaps a balance between the two is best at 10%?
Very interested to hear everyone's thoughts.
Thank you!
First time poster
I have been chatting to a few mortgage brokers and each have different opinions on the deposit amount, so rather confused.
Firstly my situation:
- Work full time PAYG in a secure industry
- Own two investment properties, both IO loans with Homeside at 630k with good service history
- Investment strategy is to buy/hold properties around the 200-250k, add equity through renos, draw down on the equity to make more purchases
- Total borrowing capacity an additional ~$800k
- $90k equity saved (30k from current investment properties)
Browsing the forum, some suggestions were to go hard at the start. So 5% + LMI, particularly for properties below the $300k mark.
However speaking to some experienced investors, they stated that 95% will only get you so far and in the long run it's better to go at 80% as banks are more willing to lend to you?
Perhaps a balance between the two is best at 10%?
Very interested to hear everyone's thoughts.
Thank you!