Hi
am a newbie, keen to learn and this is my 1st posting. Please forgive me if I make mistakes or am not clear enough. Here it goes:
1. my PPOR is debt free in surburb A. 4 double b/r. potential rent of $550 p/w ? theres enough land at the back of my hse to build a 2 bedroom GF.
2. my IP is in surburb B, 5mins drive from my hse. IP land size 1055 sqm with 1 hse on piers/post sitting in the middle of the land. ANZ loan of $470K is 100% interest only. Rent p/w $480
3. we would like our kids to this high school in surburb C, 7 mins drive from my hse. we are currently "out of area" for the school to take our kids. surburb C is a brandnew subdivsion and land approx 544 sqm is approx $360K plus 4b/r hse approx $250K.
4. Got $185K in "savings" off setting my IP
5. gross yearly wages - $80K
ps: my finance/accounting knowledge is weak at the moment
Objective/ Question
1. would like to move to surburb C so thats kids go to a good high school in couple of yrs.
2. whats the best way to achieve this without sell my hse or IP ?
- is it financially or investor smart/safe to buy land/hse in surburb C now, approx total cost (L -360K & hse 250K) $610K ?
- or shld I 1st build GF at the back of my hse.
- or shld I sell my PPOR, approx selling price $535K
- what are my other options
any advice/tips will be appreciated.
sorry for the long post, didnt know how to explain any better
am a newbie, keen to learn and this is my 1st posting. Please forgive me if I make mistakes or am not clear enough. Here it goes:
1. my PPOR is debt free in surburb A. 4 double b/r. potential rent of $550 p/w ? theres enough land at the back of my hse to build a 2 bedroom GF.
2. my IP is in surburb B, 5mins drive from my hse. IP land size 1055 sqm with 1 hse on piers/post sitting in the middle of the land. ANZ loan of $470K is 100% interest only. Rent p/w $480
3. we would like our kids to this high school in surburb C, 7 mins drive from my hse. we are currently "out of area" for the school to take our kids. surburb C is a brandnew subdivsion and land approx 544 sqm is approx $360K plus 4b/r hse approx $250K.
4. Got $185K in "savings" off setting my IP
5. gross yearly wages - $80K
ps: my finance/accounting knowledge is weak at the moment
Objective/ Question
1. would like to move to surburb C so thats kids go to a good high school in couple of yrs.
2. whats the best way to achieve this without sell my hse or IP ?
- is it financially or investor smart/safe to buy land/hse in surburb C now, approx total cost (L -360K & hse 250K) $610K ?
- or shld I 1st build GF at the back of my hse.
- or shld I sell my PPOR, approx selling price $535K
- what are my other options
any advice/tips will be appreciated.
sorry for the long post, didnt know how to explain any better