Who knows? 5-10 years and we have insurance for any breakables in the meantime.
Anyway, that is not what I am concerned about now.
I just want to know if anyone knows a way for us to refinance, restructure or just borrow money using the equity in our houses to access $30000 (or more) of the equity.
We are at 78% LVR at the moment. We have 22% equity in our houses to use, how do we get at it?
How much can we get on a low doc?
The reason why no one has been able to answer this question is simple - its not possible.
I don't think any lending agency (bank or other) would give you money in your situation.
First of all you are going to be $16,000k behind before you get a tenant in the 2nd property (currently 8k - Oct another 8k)
What is the selling market like in your area?
Is the $650k achievable?
I would be looking at selling the one you currently reside (they are on separate titles - yes?)
Otherwise you will likely loose both to a forced sale.