Hi all,
I've been reading this forum for a while now and thought I'd make my first post. I'm just wondering what others out there might do if they were in my position wanting to upgrade from a unit to a house in 2-3 years time.
PPOR: Val - $600k
Loan amount - $200k
Current equity loan of $152k used for purchasing 3 investment properties
Available equity (keeping PPOR @80% LVR) - $128k (I haven't accesed this extra equity yet but its what is available if I use the valuation thats just been carried out by the bank)
I have 3 investment properties bought over the last year or so but think there may only be around $30k equity in the first purchased property.
As my ppor is a unit I'm looking to upgrade into a house within the next 2-3 years. If I accessed the existing equity in my ppor for more investment properties will this hinder me from being able to obtain finance for a house in 2-3 years time?
I'd be looking at houses around the $1m mark. My wife also has a property in her name which has been valued at $200k. We would sell my ppor and her property and have around $800k but if all the available equity in my ppor was used up in investment properties would I struggle to get finance for the $1m house purchase? Or would all the investors out there suggest to utilise all the available equity now and re-assess when the times comes for the upgrade?
I'm keen to hear everyones thoughts.
I've been reading this forum for a while now and thought I'd make my first post. I'm just wondering what others out there might do if they were in my position wanting to upgrade from a unit to a house in 2-3 years time.
PPOR: Val - $600k
Loan amount - $200k
Current equity loan of $152k used for purchasing 3 investment properties
Available equity (keeping PPOR @80% LVR) - $128k (I haven't accesed this extra equity yet but its what is available if I use the valuation thats just been carried out by the bank)
I have 3 investment properties bought over the last year or so but think there may only be around $30k equity in the first purchased property.
As my ppor is a unit I'm looking to upgrade into a house within the next 2-3 years. If I accessed the existing equity in my ppor for more investment properties will this hinder me from being able to obtain finance for a house in 2-3 years time?
I'd be looking at houses around the $1m mark. My wife also has a property in her name which has been valued at $200k. We would sell my ppor and her property and have around $800k but if all the available equity in my ppor was used up in investment properties would I struggle to get finance for the $1m house purchase? Or would all the investors out there suggest to utilise all the available equity now and re-assess when the times comes for the upgrade?
I'm keen to hear everyones thoughts.