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From: Anonymous
Hi All -
I'm really excited to discover this forum! I've been reading up on IP, but it makes a big difference to actually hear other people's opinions, especially at this early stage. I'm just a bit nervous about sharing intimate financial info, hence the anonymous post.
I'd appreciate some feedback on our situation:
We bought our unit in Sandringham (Melbourne) in December last year for $251,000. We had a 20% deposit, so borrowed $200,800. We have only actually paid off about $5000, the rest of our money sits in an offset account linked to the mortgage. We have $150,000 in this account. My partner is on $55K, and I'm on $85K, but our work history has been a bit patchy - we've just had a six month honeymoon, and before that were both working on contract for a few years (but our current jobs are permanent).
Our next step is to buy an IP, but I don't think we have enough equity to be able to borrow 100% for an IP without having to use up our cash. We will look for a similar property here in Sandringham, so another unit worth around $250K.
Any thoughts?
Thanks
Mr & Mrs F.
Hi All -
I'm really excited to discover this forum! I've been reading up on IP, but it makes a big difference to actually hear other people's opinions, especially at this early stage. I'm just a bit nervous about sharing intimate financial info, hence the anonymous post.
I'd appreciate some feedback on our situation:
We bought our unit in Sandringham (Melbourne) in December last year for $251,000. We had a 20% deposit, so borrowed $200,800. We have only actually paid off about $5000, the rest of our money sits in an offset account linked to the mortgage. We have $150,000 in this account. My partner is on $55K, and I'm on $85K, but our work history has been a bit patchy - we've just had a six month honeymoon, and before that were both working on contract for a few years (but our current jobs are permanent).
Our next step is to buy an IP, but I don't think we have enough equity to be able to borrow 100% for an IP without having to use up our cash. We will look for a similar property here in Sandringham, so another unit worth around $250K.
Any thoughts?
Thanks
Mr & Mrs F.
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