Hi guys, wondered if anyone could quickly run numbers and give me opinions on my situation and whether I would be able to borrow to buy another IP or sit tight.
Live melbourne, accountant. Income $110k gross. Take home $6100 per month. 32 years old married no kids. Wife has just started working as an on call teacher so income is not stable and difficult to forecast.
Assets: ip unit in st Kilda, rent $420 pw. Value $650k.
Ppor unit in sandringham. Value $550k.
Liabs: io $500k loan on st Kilda
P&i loan $450k on sandringham. Repayments $2500 pm.
All property loans are with nab.
Shares about $80k net of margin loans. ($110k Macquarie margin loan, $25k nab margin loan). I like playing share market too.
Medium term goal is to buy a house in sandringham as need a third bedroom for a kid or two, but Need $1-$1.5m for that. Obviously would look for a simple place but they still sell for over a mill.
My plan is to live in current unit, have a kid in next year or two, live in small unit till kid gets to about 7-8 and then try and cash in everything to buy a bigger ppor.
Not sure whether I should try and get another ip (1 bedder in st Kilda, Elwood, elsternwick etc for $380-$400k) although I don't know if bank will lend me anymore or just sit tight. I would cash in the share portfolio to fund the ip purchase.
Then in the 7-8 years from now, I sell current ppor and the two ip's and hope to have enough then to purchase a house ( maybe I will have 600k equity by then and then get a further loan of $600k, total $1.2 m house).
Anyone want to comment on this idea and also would a broker be kinds enough to work the numbers to see if this new ip idea purchase price of $400k will stack up?
Thank you, ben
Live melbourne, accountant. Income $110k gross. Take home $6100 per month. 32 years old married no kids. Wife has just started working as an on call teacher so income is not stable and difficult to forecast.
Assets: ip unit in st Kilda, rent $420 pw. Value $650k.
Ppor unit in sandringham. Value $550k.
Liabs: io $500k loan on st Kilda
P&i loan $450k on sandringham. Repayments $2500 pm.
All property loans are with nab.
Shares about $80k net of margin loans. ($110k Macquarie margin loan, $25k nab margin loan). I like playing share market too.
Medium term goal is to buy a house in sandringham as need a third bedroom for a kid or two, but Need $1-$1.5m for that. Obviously would look for a simple place but they still sell for over a mill.
My plan is to live in current unit, have a kid in next year or two, live in small unit till kid gets to about 7-8 and then try and cash in everything to buy a bigger ppor.
Not sure whether I should try and get another ip (1 bedder in st Kilda, Elwood, elsternwick etc for $380-$400k) although I don't know if bank will lend me anymore or just sit tight. I would cash in the share portfolio to fund the ip purchase.
Then in the 7-8 years from now, I sell current ppor and the two ip's and hope to have enough then to purchase a house ( maybe I will have 600k equity by then and then get a further loan of $600k, total $1.2 m house).
Anyone want to comment on this idea and also would a broker be kinds enough to work the numbers to see if this new ip idea purchase price of $400k will stack up?
Thank you, ben