How can I fund my second IP?

I'm keen to purchase IP number 2.

My situation:
I bought property 1 for 195K. I spent 18 months living in it as a PPOR renovating. 6 months ago I converted it into an IP and its renting for $330pw.
Currently it has approx 175k owing and a non renovated unit is the same block sold for 240k earlier this year, easily putting my property at an estimated value of 250k - 270k.

I have 10k in an offset account and currently no job (But should pick one up at about 50kPA soon).

How do I get the equity out?
How do I move banks with IP2 and carry the equity?
Will I have difficulty borrowing enough to purchase a second IP for around 200k to 300k?
With property 1 being natural, will that affect my borrowing power at all?

Cheers :)
 
Hi4

Once u have regular income again,nd you are sure it will stay that way, you can approach ur existing lender to do a 90 % ish separate top up loan.

So based on a 250 k value u can pull arpund 30 k or so.

Thats probably enough for an IP of 200 ish depending on costs.

As to if u can or cant borrow comes down to many things which we dont know yet, like other commitments, actual capacity to repay, do u pay rent now etc. And a bunch of other stuff that may not be obvious.

ta
rolf
 
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