I purchased a PPOR 18 months ago. Current value $330,000, currently owing $280,000.
I would like to convert my PPOR into an investment property with IO finance. Ive spoken to a real estate agent and he feels I will be able to get $360 per week rent easily.
I want to purchase a 2nd property to use as a PPOR, with the plan that if I search high and low I can find something that needs some work. I would be looking in outer Western Sydney (penrith area).
Im wondering if any of the mortgage brokers out there would be able to give me any advise, mainly regarding how much I could borrow. My current income is $78,000. I have no other debts. Any advise would be great ! Im 52, just wondering if that will be held against me? I do have an exit strategy in mind....
thanks in advance to all those out in somersoft land !
I would like to convert my PPOR into an investment property with IO finance. Ive spoken to a real estate agent and he feels I will be able to get $360 per week rent easily.
I want to purchase a 2nd property to use as a PPOR, with the plan that if I search high and low I can find something that needs some work. I would be looking in outer Western Sydney (penrith area).
Im wondering if any of the mortgage brokers out there would be able to give me any advise, mainly regarding how much I could borrow. My current income is $78,000. I have no other debts. Any advise would be great ! Im 52, just wondering if that will be held against me? I do have an exit strategy in mind....
thanks in advance to all those out in somersoft land !