Hi All,
First timer here. My wife and I would like to make our money work for us. We have about 120k equity in our PPR and would like to get investment property.
We spoke with banks and they told us we can service another 700k. We found a place for 600k which with some renovations will become cashflow positive and has good potential capital growth. Will the bank look it this property as self serviced?
How will this affect us in future borrowings? we have found another property for 500k which with renovations can become cashflow positive too. Will the banks give us this additional 500k? considering that with our salaries we can service only 700k?
Apologies if my question is not framed well.
Thanks
ABL
First timer here. My wife and I would like to make our money work for us. We have about 120k equity in our PPR and would like to get investment property.
We spoke with banks and they told us we can service another 700k. We found a place for 600k which with some renovations will become cashflow positive and has good potential capital growth. Will the bank look it this property as self serviced?
How will this affect us in future borrowings? we have found another property for 500k which with renovations can become cashflow positive too. Will the banks give us this additional 500k? considering that with our salaries we can service only 700k?
Apologies if my question is not framed well.
Thanks
ABL