Hi,
I need some help in determining the best way to turn my PPOR into an IP so that I can move and have a new (2ndhand) PPOR. Otherwise hubbie will make me sell PPOR to Buy new PPOR. Which is not my plan.
My situation is that I currently have a loan for $110K (Paid down to 75k) with 20K in redraw available, the PPOR is valued at 390K, but up to 420K+ if we tart up the yard and clear our kids toys and stuff out to make it more appealing.
My aim is to buy a house (or land and then house) no more than $350K. My hubbies salary is $65K and we will use this to borrow for the loan, but I would like repayment to the new PPOR of no more than $450/wk. The less the better, because who know what may arise. Also for spare cash/savings where should this money go?
If we rent out the PPOR/IP then we will get at least $300/wk.
We have a very good cash flow week to week and rarely spend more than we make, because our mortgage is low I make double repayments.
Any advise or help would be greatly appreciated.
Also once I know what we want to do do i go to a property account, loans adviser (will the loans be through the same company?), financial planner?
Cheers
I need some help in determining the best way to turn my PPOR into an IP so that I can move and have a new (2ndhand) PPOR. Otherwise hubbie will make me sell PPOR to Buy new PPOR. Which is not my plan.
My situation is that I currently have a loan for $110K (Paid down to 75k) with 20K in redraw available, the PPOR is valued at 390K, but up to 420K+ if we tart up the yard and clear our kids toys and stuff out to make it more appealing.
My aim is to buy a house (or land and then house) no more than $350K. My hubbies salary is $65K and we will use this to borrow for the loan, but I would like repayment to the new PPOR of no more than $450/wk. The less the better, because who know what may arise. Also for spare cash/savings where should this money go?
If we rent out the PPOR/IP then we will get at least $300/wk.
We have a very good cash flow week to week and rarely spend more than we make, because our mortgage is low I make double repayments.
Any advise or help would be greatly appreciated.
Also once I know what we want to do do i go to a property account, loans adviser (will the loans be through the same company?), financial planner?
Cheers