Hi,
We are considering buying a new house "of the plan" and rent our current Townhouse that we bought 2004/2005. One criteria for us is that we don’t want be more "out of pocket" than we currently are. We know that we would be able to get 590 p/w for rent as other townhouse in the estate are rented for that amount. The below is a very rough estimate but was wondering if I am close to the final figure.
PPOR:
Value: 590000
Mortgage: 370000
Body corp: $3200per year
Possible rental income: 590 p/w
Mortgage Repayments on PPOR: $1320 fortnightly
IP:
Value: 510000
No body corp
I have based the below on a 8% interest rate over 25 yrs
Mortgage on IP: 530000 - 176000(equity) = $334000
Mortgage repayments on IP: $1190 fortnightly
Total repayments: $2510 fortnightly
Total income from rent: $1180 fortnightly
Mortgage repayments with IP: $1330 fortnightly
Other expenses
Landlord insurance: $400 per year ?
Thanks,
Johk
We are considering buying a new house "of the plan" and rent our current Townhouse that we bought 2004/2005. One criteria for us is that we don’t want be more "out of pocket" than we currently are. We know that we would be able to get 590 p/w for rent as other townhouse in the estate are rented for that amount. The below is a very rough estimate but was wondering if I am close to the final figure.
PPOR:
Value: 590000
Mortgage: 370000
Body corp: $3200per year
Possible rental income: 590 p/w
Mortgage Repayments on PPOR: $1320 fortnightly
IP:
Value: 510000
No body corp
I have based the below on a 8% interest rate over 25 yrs
Mortgage on IP: 530000 - 176000(equity) = $334000
Mortgage repayments on IP: $1190 fortnightly
Total repayments: $2510 fortnightly
Total income from rent: $1180 fortnightly
Mortgage repayments with IP: $1330 fortnightly
Other expenses
Landlord insurance: $400 per year ?
Thanks,
Johk