First some of my details:
- Paid off mortgage in July/08 on PPOR, looking for opportunities for IP.
- PAYG of $80,000 (wife $80,000) = total of $160,000, also get car allowance of 12k and all fuel
- Currently saving at least $1200 per week - saved $82,000 since July/08
- Will have tax bill for this financial year of $30k - to be paid May/10
- A little concerned about job security, but i am very motivated and have not afraid to do anything to feed family etc.
What i would like to do:
- Keep saving as much as posible to increase buffer if needed at later date
- Purchase 2 IP's before end of 2010
Is it possible to get LOC of say $250k on PPOR,use this for all costs including deposit. stamp duty and outgoings for IP. Get Loan for IP for something like this .
Income/rent from property pays down LOC.
- Paid off mortgage in July/08 on PPOR, looking for opportunities for IP.
- PAYG of $80,000 (wife $80,000) = total of $160,000, also get car allowance of 12k and all fuel
- Currently saving at least $1200 per week - saved $82,000 since July/08
- Will have tax bill for this financial year of $30k - to be paid May/10
- A little concerned about job security, but i am very motivated and have not afraid to do anything to feed family etc.
What i would like to do:
- Keep saving as much as posible to increase buffer if needed at later date
- Purchase 2 IP's before end of 2010
Is it possible to get LOC of say $250k on PPOR,use this for all costs including deposit. stamp duty and outgoings for IP. Get Loan for IP for something like this .
Income/rent from property pays down LOC.