Hi Guys,
I have been snooping aroung SS for many months now and have been picking up lots of valuable information. My wife and I have just made our first purchase in Gympie, Qld so I decided to make the jump and post on the forum to get some feedback. Our first property was purchased with a 5% deposit (which did prove to be quite tedious). We will be living in it for the first 12months to satisfy the FHOG and FHOC, after which time we will be renting it out. My question is should the next IP we buy be with a minimal deposit (say 5-10%) or should we aim for 80% to negate LMI and for risk mitigation? I am sure some of the mortgage brokers on the forum might know more about debt limitations and satisfying banks. We didnt require the FHOG money for the settlement so I was thinking of using this to bankroll my 2nd IP purchase. I am looking to purchase a solid qlder or similar in a major regional centre of qld which I can do some renovations to make it CF+. Anyway, thanks and I look forward to you advice.
Cheers
I have been snooping aroung SS for many months now and have been picking up lots of valuable information. My wife and I have just made our first purchase in Gympie, Qld so I decided to make the jump and post on the forum to get some feedback. Our first property was purchased with a 5% deposit (which did prove to be quite tedious). We will be living in it for the first 12months to satisfy the FHOG and FHOC, after which time we will be renting it out. My question is should the next IP we buy be with a minimal deposit (say 5-10%) or should we aim for 80% to negate LMI and for risk mitigation? I am sure some of the mortgage brokers on the forum might know more about debt limitations and satisfying banks. We didnt require the FHOG money for the settlement so I was thinking of using this to bankroll my 2nd IP purchase. I am looking to purchase a solid qlder or similar in a major regional centre of qld which I can do some renovations to make it CF+. Anyway, thanks and I look forward to you advice.
Cheers