Hi all,
Thanks for all the info-sharing & advice, have picked up some really valuable tips here! Hoping to one day know enough to help someone else
Accidentally had baby last year & investing plans have gone a bit off-track since then Now on one salary (approx $40K after tax).
PPOR loan $410K (had to buy for baby as 2BR flat with no outdoor area wasn't big enough) var - repmts approx $2K month IO
IP1 fully owned, approx worth $330K rental income $310/wk
IP2 245K IO loan (30K LOC also) 4.99% fixed til 2012 Approx worth $320K Rental $350/wk
IP3 295K IO var - inlaws live here & pay loan amount each month. Approx worth $320K.
We've started using IP1 & IP2 rental to pay down PPOR & LOC to repay IP2 loan (still have about $24K in LOC so can do this for a couple more years). All loans cross collateralised.
I think banks want last 3 payslips for refinancing. I haven't advised them I'm not working anymore (should i advise them?)
How do we get around this when looking to borrow for another IP?
Am I being silly thinking we can afford this? Should we be looking to more rural / cash flow neutral / positive properties. My strategy has been go for capital growth so not sure about these lower growth rural areas. Just interested in anyones' ideas about how to move forward or are we stuck here for another few years until equity grows. Even then, will the banks lend if my partner's income is only $40K?
Thank you for all your advice...sorry if this is confusing, I'm still learning there's soooo much I don't know!
Thanks for all the info-sharing & advice, have picked up some really valuable tips here! Hoping to one day know enough to help someone else
Accidentally had baby last year & investing plans have gone a bit off-track since then Now on one salary (approx $40K after tax).
PPOR loan $410K (had to buy for baby as 2BR flat with no outdoor area wasn't big enough) var - repmts approx $2K month IO
IP1 fully owned, approx worth $330K rental income $310/wk
IP2 245K IO loan (30K LOC also) 4.99% fixed til 2012 Approx worth $320K Rental $350/wk
IP3 295K IO var - inlaws live here & pay loan amount each month. Approx worth $320K.
We've started using IP1 & IP2 rental to pay down PPOR & LOC to repay IP2 loan (still have about $24K in LOC so can do this for a couple more years). All loans cross collateralised.
I think banks want last 3 payslips for refinancing. I haven't advised them I'm not working anymore (should i advise them?)
How do we get around this when looking to borrow for another IP?
Am I being silly thinking we can afford this? Should we be looking to more rural / cash flow neutral / positive properties. My strategy has been go for capital growth so not sure about these lower growth rural areas. Just interested in anyones' ideas about how to move forward or are we stuck here for another few years until equity grows. Even then, will the banks lend if my partner's income is only $40K?
Thank you for all your advice...sorry if this is confusing, I'm still learning there's soooo much I don't know!