Hi guys,
I have 2 IPs (units) in Western Sydney and 2 IPs (townhouses) in Beenleigh/Eagleby. Currently going through pre-approval so I can buy another. For #5 I will be buying in QLD again. This will be buy & hold, main goal is short and long term CG and I need it to be neutrally or positively geared.
My mortgage broker is not yet sure what my borrowing capacity will be, given all the recent lending changes, but let?s work off a maximum of $350k.
Questions:
1. Thoughts on areas to check out? Given I already have 2 in Logan, I wouldn?t mind buying elsewhere this time around. Would like to be well within 30km of Brisbane CBD. Not fussy on unit/townhouse/house.
2. My current salary limits my borrowing capacity a little bit. However, I plan to purchase in July. I will then have a large sum of cash coming in (commission) from August ? December, and then my salary will increase early next year. With this in mind, rather than having a whole heap of cash sitting in my offset from August-Jan, I was thinking another option would be to use this cash for a reno or value-add somehow, and then reval around Feb next year when my salary has increased. Is there much scope for a purchase sub $350k with value-add potential in QLD? I am in Sydney and time-poor so it would have to be managed by someone locally.
As usual, any help would be appreciated!
Cheers!
John
I have 2 IPs (units) in Western Sydney and 2 IPs (townhouses) in Beenleigh/Eagleby. Currently going through pre-approval so I can buy another. For #5 I will be buying in QLD again. This will be buy & hold, main goal is short and long term CG and I need it to be neutrally or positively geared.
My mortgage broker is not yet sure what my borrowing capacity will be, given all the recent lending changes, but let?s work off a maximum of $350k.
Questions:
1. Thoughts on areas to check out? Given I already have 2 in Logan, I wouldn?t mind buying elsewhere this time around. Would like to be well within 30km of Brisbane CBD. Not fussy on unit/townhouse/house.
2. My current salary limits my borrowing capacity a little bit. However, I plan to purchase in July. I will then have a large sum of cash coming in (commission) from August ? December, and then my salary will increase early next year. With this in mind, rather than having a whole heap of cash sitting in my offset from August-Jan, I was thinking another option would be to use this cash for a reno or value-add somehow, and then reval around Feb next year when my salary has increased. Is there much scope for a purchase sub $350k with value-add potential in QLD? I am in Sydney and time-poor so it would have to be managed by someone locally.
As usual, any help would be appreciated!
Cheers!
John