Another one of those "where do I get the deposit from" questions for the finance gurus. Any advice would be appreciated.
I currently own two IP's worth approximately $800k in total for which I receive $755 p/w rental income. I owe approximately $650k on these properties. Both of the existing IP's are fixed loans with the CBA for another 2-3 years. I have no other debt and am currently renting a property myself. I have a reasonable income from my day job of $125k which is very secure.
My question is I wish to purchase a PPOR but have no deposit. Is there enough equity in the IP's for the CBA to lend me 100% of the new purchase (about $600k) or would my only option be to pay the break fees on the IP loans and move to another lender, or is a new purchase beyond my reach for now.
Thanks in advance.
I currently own two IP's worth approximately $800k in total for which I receive $755 p/w rental income. I owe approximately $650k on these properties. Both of the existing IP's are fixed loans with the CBA for another 2-3 years. I have no other debt and am currently renting a property myself. I have a reasonable income from my day job of $125k which is very secure.
My question is I wish to purchase a PPOR but have no deposit. Is there enough equity in the IP's for the CBA to lend me 100% of the new purchase (about $600k) or would my only option be to pay the break fees on the IP loans and move to another lender, or is a new purchase beyond my reach for now.
Thanks in advance.