Hi there.
I have recently split with my girlfriend and therefore we have moved out of the PPOR. The house is in my name as I bought it when I was 18. It is currently in a fixed loan at roughly 7%. I am going to be renting the property out in the coming weeks, have not had an appraisal yet but been told around $320p/w. I'd like to know with the amount I've paid off over the last 3 years, whether it is possible for me (on my single income) to purchase a second IP. I will be living back with family, so board will be minimal and I am a chef, therefore eat at work 5-6 days a week.
Other figures:
Salary: $48,700
Loan: $250,000 roughly
House Value: Unknown, but bought for $317,500 3 years ago.
Expenses: $50 a month for phone and $50 a week board, $100 a month for petrol.
I was just wondering if someone could tell me whether it is possible for me to purchase a 2nd IP and if not, what I need to achieve to be able to do so.
Thanks, Michael.
I have recently split with my girlfriend and therefore we have moved out of the PPOR. The house is in my name as I bought it when I was 18. It is currently in a fixed loan at roughly 7%. I am going to be renting the property out in the coming weeks, have not had an appraisal yet but been told around $320p/w. I'd like to know with the amount I've paid off over the last 3 years, whether it is possible for me (on my single income) to purchase a second IP. I will be living back with family, so board will be minimal and I am a chef, therefore eat at work 5-6 days a week.
Other figures:
Salary: $48,700
Loan: $250,000 roughly
House Value: Unknown, but bought for $317,500 3 years ago.
Expenses: $50 a month for phone and $50 a week board, $100 a month for petrol.
I was just wondering if someone could tell me whether it is possible for me to purchase a 2nd IP and if not, what I need to achieve to be able to do so.
Thanks, Michael.
Last edited:
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