Hey everyone,
Looking to jump into the Perth/Adelaide market for my 2nd IP. Probelm is at the moment I have no savings due to paying of my credit card and renovating the bathroom on IP 1.
My 1st IP has a loan of $305,000 against it after purchasing in Feb 09
Valuation is around $400 - $425k
I have just signed a 12 month lease on IP1 for $400 a week
I have no other debt except for that loan
I currenlty live rent free and can do for the forseeable future
I earn $53,000pa
I can easily afford repayments of $2000 a month, not forgetting I will be renting out IP2
Looking to get into either the Perth market - $400k house
or
More realistically the Adelaide market around the $300k mark
Would I be able to get a loan for either of the above? Or should I save for the next 6 months? I'll be putting away roughly $2000 a month
Thanks everyone!
Looking to jump into the Perth/Adelaide market for my 2nd IP. Probelm is at the moment I have no savings due to paying of my credit card and renovating the bathroom on IP 1.
My 1st IP has a loan of $305,000 against it after purchasing in Feb 09
Valuation is around $400 - $425k
I have just signed a 12 month lease on IP1 for $400 a week
I have no other debt except for that loan
I currenlty live rent free and can do for the forseeable future
I earn $53,000pa
I can easily afford repayments of $2000 a month, not forgetting I will be renting out IP2
Looking to get into either the Perth market - $400k house
or
More realistically the Adelaide market around the $300k mark
Would I be able to get a loan for either of the above? Or should I save for the next 6 months? I'll be putting away roughly $2000 a month
Thanks everyone!