My total income (including rental) is $92 K pa. MB says the highest I can go is a $700 k loan.
The next IP I buy will be my future ppor which I will move into in around 5 -10 years depending on when I can afford to. I'm wanting a bigger ppor, mine is just too small so I'm wanting something more spacious.
So my strategy is, when my Dianella IP has risen in value and its a good time to sell (at the right time of the market) I will use the profit from the sale to help with the holding costs when i move back to my highgate property. I'll also fix the loan for 3 years at 4.8.
I was really wanting to invest and live in Mt Lawley but I just think its way too expensive. Mount Lawley villa's (groups of 8 - 10) ask pretty much the same as some houses, duplex, triplexes in Inglewood.
Anyhow its all about compromise. If you want the Mount Lawley location you are either going to have to buy something smaller than what you'd hoped or go a bit further out so you can buy something bigger with more land content. I'd like to have a bit of land content, a nice courtyard, entertaining area. It would be nice to have a property that is fairly new although an older property and renovated is still good. I just want something where I dont have to worry about maitenance/repairs because of the age of the property. If I can get something in a group of less than 3 would be good as there will be no strata fees too.
I'm still a bit torn though on whether to go for the Mount Lawley location and get a villa in a group of 10 with a bit of a courtyard or something larger like a duplex in Inglewood.
Any advice?
Oh and I forgot to say, I was really quite shocked to learn just how much i'm able to borrow, not that I'll borrow the full amount or anything though.
The next IP I buy will be my future ppor which I will move into in around 5 -10 years depending on when I can afford to. I'm wanting a bigger ppor, mine is just too small so I'm wanting something more spacious.
So my strategy is, when my Dianella IP has risen in value and its a good time to sell (at the right time of the market) I will use the profit from the sale to help with the holding costs when i move back to my highgate property. I'll also fix the loan for 3 years at 4.8.
I was really wanting to invest and live in Mt Lawley but I just think its way too expensive. Mount Lawley villa's (groups of 8 - 10) ask pretty much the same as some houses, duplex, triplexes in Inglewood.
Anyhow its all about compromise. If you want the Mount Lawley location you are either going to have to buy something smaller than what you'd hoped or go a bit further out so you can buy something bigger with more land content. I'd like to have a bit of land content, a nice courtyard, entertaining area. It would be nice to have a property that is fairly new although an older property and renovated is still good. I just want something where I dont have to worry about maitenance/repairs because of the age of the property. If I can get something in a group of less than 3 would be good as there will be no strata fees too.
I'm still a bit torn though on whether to go for the Mount Lawley location and get a villa in a group of 10 with a bit of a courtyard or something larger like a duplex in Inglewood.
Any advice?
Oh and I forgot to say, I was really quite shocked to learn just how much i'm able to borrow, not that I'll borrow the full amount or anything though.