Hi, Excuse my inexperience and open question but I would like some reasurance with my plan to invest.
I have no investment properties as yet. I have a little bit of equity in my home($60-70k).
I have calculated that I could possibly borrow $150k IO as I would have an LVR just below 80% and a DSR just below 100%(assuming that will be the lenders oppinion).
I have read alot and would like a last piece of advise before I jump into an investment property. Have I prepared myself enough? Should I wait to build more equity?
I there any hidden pitfalls I may encounter? Either way, I will head down this path but would appreciate a little reassurance on the way.
Thanks
I have no investment properties as yet. I have a little bit of equity in my home($60-70k).
I have calculated that I could possibly borrow $150k IO as I would have an LVR just below 80% and a DSR just below 100%(assuming that will be the lenders oppinion).
I have read alot and would like a last piece of advise before I jump into an investment property. Have I prepared myself enough? Should I wait to build more equity?
I there any hidden pitfalls I may encounter? Either way, I will head down this path but would appreciate a little reassurance on the way.
Thanks