hi everyone,
i have just recently joined the forum and this is my first post, so please bear with me. (before i jump in, this is a fantatsic site and well done to everyone that contributes it is riveting reading for a newbie like me).
my husband and i have just recently jumped into the IP pool and we purchased a + geared property in a small rural town, with negligible growth.
we accessed the equity we had in our PPOR aswell as doing some debt consolidation. currently our PPOR is valued at 230k and we owe 174 k on it and 45k on our IP. we paid 65k for the IP and it rents for 150/ week. our PPOR is P&I and the IP I/O. my question is, as simple as it may be... where to from now? do we have enough equity to purchase another IP,( we are keen to do so) What is our borrowing power? is a LOC a good option for fast tracking us towards our goal. if so based on these basic figures can anyone tell me how much we could get a LOC for? what is the best strategy for paying of our PPOR faster?
so many questions, so i give thanks in adavnce for any replies and appreciate any advice what so ever.
regards
rie
i have just recently joined the forum and this is my first post, so please bear with me. (before i jump in, this is a fantatsic site and well done to everyone that contributes it is riveting reading for a newbie like me).
my husband and i have just recently jumped into the IP pool and we purchased a + geared property in a small rural town, with negligible growth.
we accessed the equity we had in our PPOR aswell as doing some debt consolidation. currently our PPOR is valued at 230k and we owe 174 k on it and 45k on our IP. we paid 65k for the IP and it rents for 150/ week. our PPOR is P&I and the IP I/O. my question is, as simple as it may be... where to from now? do we have enough equity to purchase another IP,( we are keen to do so) What is our borrowing power? is a LOC a good option for fast tracking us towards our goal. if so based on these basic figures can anyone tell me how much we could get a LOC for? what is the best strategy for paying of our PPOR faster?
so many questions, so i give thanks in adavnce for any replies and appreciate any advice what so ever.
regards
rie