My partner and I are in our 20s, both working full time and do not have any children and do not plan to have any within the next 5 years.
We currently have an IP ($420k loan, interest only) which is negatively geared and are thinking of buying our PPOR within the next year (we are currently living at home with our parents). We plan on having a 20% deposit on a $400k property (or less), therefore only borrowing a maximum amount of $320k.
There has just been so much negativity in the media about mortgages and how people are struggling to meet their repayments (on ONE mortgage) etc etc that it has made me question whether having 2 mortgages is even possible?
I understand that a lot of people on SS have whole portfolios of properties and therefore mortgages, but the way those mortgages are treated and serviced would probably differ to when a PPOR comes into the picture?
Any advice is greatly appreciated.
We currently have an IP ($420k loan, interest only) which is negatively geared and are thinking of buying our PPOR within the next year (we are currently living at home with our parents). We plan on having a 20% deposit on a $400k property (or less), therefore only borrowing a maximum amount of $320k.
There has just been so much negativity in the media about mortgages and how people are struggling to meet their repayments (on ONE mortgage) etc etc that it has made me question whether having 2 mortgages is even possible?
I understand that a lot of people on SS have whole portfolios of properties and therefore mortgages, but the way those mortgages are treated and serviced would probably differ to when a PPOR comes into the picture?
Any advice is greatly appreciated.