I am new to this forum and am hoping someone can give me some advice. My current situation is:
PPR value $670k, owe $405k
IP1 value $300k, owe $190k
IP2 value $750k, settlement due early 2008
IP2 is a 2 brm apartment with river views in the Perth CBD. It was purchased off the plan in early 2006 with a deposit of $50k (we used some equity from IP1 for this deposit). It was purchased for $520k.
Our situation is my wife is pregnant and will be stopping work in July 2007. Currently my income is $70k and she is on $74k. She will be returning to work after 12 months on a part time basis where her salary will then be approx $30k.
Is there any way we would be able to settle on IP2 early next year given we will only be on one income of $70k? It seems we have enough equity in our properties to do this. Would a no doc loan be an option for us, even though we are not self employed? The other option is to try and sell the IP2 prior to settlement but we are concerned the buyers finance may fall through and then we lose our deposit. Another option we have considered is selling our PPR and moving into the IP2 for a short time then sell it to avoid paying CGT. Ideally, we would love to be able to hang onto all three properties and remain in our PPR. Is this at all possible or are we dreaming??
Any advice would be greatly appreciated.
PPR value $670k, owe $405k
IP1 value $300k, owe $190k
IP2 value $750k, settlement due early 2008
IP2 is a 2 brm apartment with river views in the Perth CBD. It was purchased off the plan in early 2006 with a deposit of $50k (we used some equity from IP1 for this deposit). It was purchased for $520k.
Our situation is my wife is pregnant and will be stopping work in July 2007. Currently my income is $70k and she is on $74k. She will be returning to work after 12 months on a part time basis where her salary will then be approx $30k.
Is there any way we would be able to settle on IP2 early next year given we will only be on one income of $70k? It seems we have enough equity in our properties to do this. Would a no doc loan be an option for us, even though we are not self employed? The other option is to try and sell the IP2 prior to settlement but we are concerned the buyers finance may fall through and then we lose our deposit. Another option we have considered is selling our PPR and moving into the IP2 for a short time then sell it to avoid paying CGT. Ideally, we would love to be able to hang onto all three properties and remain in our PPR. Is this at all possible or are we dreaming??
Any advice would be greatly appreciated.