Hi,
Not sure if we have sufficient funds to consider an IP but this is our situation.
We are Australians and have a PPOR in Brisbane currently rented out while we are overseas. We have $65k in adavanced payments (currently only $6k owing P&I, property market value around $450k) that we can draw on. The rent easily covers the loan if we draw the $65k out. We also have another $50K in savings.
I can see by most of the postings on this forum that $115k is not a lot of money.
We are self employed and income proof is a big problem. We have BAS's for renting our PPOR in Queensland over the last few years but they do not show a significant income.
Not sure if we would be able to get a low doc loan or better off looking at very cheap investments instead.
If anyone can provide some suggestions, tips ideas etc. it would be greatly appreciated.
thanks
Not sure if we have sufficient funds to consider an IP but this is our situation.
We are Australians and have a PPOR in Brisbane currently rented out while we are overseas. We have $65k in adavanced payments (currently only $6k owing P&I, property market value around $450k) that we can draw on. The rent easily covers the loan if we draw the $65k out. We also have another $50K in savings.
I can see by most of the postings on this forum that $115k is not a lot of money.
We are self employed and income proof is a big problem. We have BAS's for renting our PPOR in Queensland over the last few years but they do not show a significant income.
Not sure if we would be able to get a low doc loan or better off looking at very cheap investments instead.
If anyone can provide some suggestions, tips ideas etc. it would be greatly appreciated.
thanks