How much deposit for second house?

[bnicklin]

Hey guys, Quick question as I'm to egar to wait to see my financial planner, I'm looking at buying my second house, I bought my house at the start of the year for 320,000k I have prob spent 5k on it an have prob raised the price to 350,000-370,000 ( Having landscaper house mates helped me keep the price very low an have the most amazing gardens) I have saved about 30k in the last 6 months. Will the banks lend me another 400,000-500,000? Between me an my gf we clear about 180,000k a year plus we get 20k a year from our house mates for rent. We have been saving around 500-700 a week on top of doubling our mortgage repayments. Will we just need more deposit? Cheers guys!

 

[BMan]

talk to a broker theres plenty on the forum
you would need your house revalued first and see what equity is there
also need a broker to setup your strategy as it sounds like your paying off your loan instead of using an offset and depending what you do with the property it may not be your best choice

 

[Aaron_C]

With strong income like that you can probably buy another property but you'd need to sit down with someone and talk through it properly to gauge the exact amount and strategy going forward as this is important for you.

 

[bnicklin]

Cheers guys, The soonest I could get booked in was the 20th of July. I'm just getting to excited. Yeh we were going pay off this house where in now as quick as we could. But I have changed my mind an want to buy an ip. But we will have to figure out first if it's still a better option to pay this house out Asap

 

[bnicklin]

And you can use equity to be used as a deposit for an ip?

 

[hysterical]

And you can use equity to be used as a deposit for an ip?

Yes, you mentioned u are seeing a financial planner ? Is he focused on property or shares / managed funds ?

Cheers

 

[bnicklin]

Unsure, I guess they find out the best ways to suit our financial situation? That's why I'm going so they can help me. I'm not interested in shares.

 

[bnicklin]

I'm only 25 an super new to this kind of stuff. So bear with me.

 

[hysterical]

Unsure, I guess they find out the best ways to suit our financial situation? That's why I'm going so they can help me. I'm not interested in shares.

I think your best bet is to speak to a mortgage broker (there are many in this forum)

Cheers

 

[Aaron_C]

Well honestly speaking a financial planner isn't really going to help with the real estate side of things. At best he can tell you where to allocate your funds but lots of them have a bias towards the sharemarket - which you have indicated you do not like. Just a heads-up.

 

[bnicklin]

Cheers guys! I shall contact the broker I used to buy my house!