I'm in the process of getting my first PPOR and now am looking for an IP.
What is the general consensus on how to save the deposit for the first IP? Personally I see a few options but not sure if they are right....
1. Put all my earnings into my PPOR loan (no offset on this product though, only redraw...) and redraw 10% deposit for the first IP when I am at 70% LVR on the PPOR.
2. Renovate PPOR immediately and get a refinance in the first few months and use excess funds to fund new IP deposit, Not sure if bank would allow this. Also problem is that I may need to knock house down in the near future if zoning changes.
Are there any other options? Any tips would be greatly appreciated !
As I am very new to property my strategy is buying dilapidated homes and renovating them (done for 10 yrs+ with family), hopefully moving onto small developments.
What is the general consensus on how to save the deposit for the first IP? Personally I see a few options but not sure if they are right....
1. Put all my earnings into my PPOR loan (no offset on this product though, only redraw...) and redraw 10% deposit for the first IP when I am at 70% LVR on the PPOR.
2. Renovate PPOR immediately and get a refinance in the first few months and use excess funds to fund new IP deposit, Not sure if bank would allow this. Also problem is that I may need to knock house down in the near future if zoning changes.
Are there any other options? Any tips would be greatly appreciated !
As I am very new to property my strategy is buying dilapidated homes and renovating them (done for 10 yrs+ with family), hopefully moving onto small developments.