Hi Guys
I currently hold one property in Elwood (apartment) and am looking to purchase my second one.
I have released equity from my initial property and am looking to buy a new one around the 300-350k mark in Melbourne. I'm looking for a property with land which I can potentially develop in the next 5 years or so. In the meantime I'm just looking to rent it out.
My questions are as follows:
1. I am currently with Westpac. I have got equity out of my existing loan there. How would I go about obtaining a new loan? I assume its better to go to another bank so that I am not cross-collaterized. How do I approach a new bank? What to say etc.?
2. With my budget I would be dreaming to buy in inner suburbs of Melbourne. Hence, I realize I would have to go a bit further out that Elwood. Which suburbs spring into mind?
3. How to buy a property at or under market value? I purchased my one in Elwood 20k above market value at time of purchase. I want to avoid this mistake. What is the best way to establish market value BEFORE you buy?
Many thanks guys, look forward to your responses.
I currently hold one property in Elwood (apartment) and am looking to purchase my second one.
I have released equity from my initial property and am looking to buy a new one around the 300-350k mark in Melbourne. I'm looking for a property with land which I can potentially develop in the next 5 years or so. In the meantime I'm just looking to rent it out.
My questions are as follows:
1. I am currently with Westpac. I have got equity out of my existing loan there. How would I go about obtaining a new loan? I assume its better to go to another bank so that I am not cross-collaterized. How do I approach a new bank? What to say etc.?
2. With my budget I would be dreaming to buy in inner suburbs of Melbourne. Hence, I realize I would have to go a bit further out that Elwood. Which suburbs spring into mind?
3. How to buy a property at or under market value? I purchased my one in Elwood 20k above market value at time of purchase. I want to avoid this mistake. What is the best way to establish market value BEFORE you buy?
Many thanks guys, look forward to your responses.