Hi gang,
I really need some advice and insight.
I bought my first IP last year, in October 2015. The purchase price was $380K and I laid down a 20% deposit ($76K).
I'm super keen to purchase my next property, in June, because that's when I get off probation at my new job.
If I was to get a bank valuation in around 3 months time, I think I'd get a conservative valuation of circa $400K - so hardly any equity that I could dip into.
I've saved another $20K and by the time June comes around I would have $30K cash saved up.
I've been told to save up 20% deposit to avoid LMI but if I continue to save 20% deposit every time I want to purchase, It'll take me forever to build my portfolio.
I'm 26yo, single, no commitments (i.e. family and/or child to support) and FT employed on average income.
I'm seriously contemplating getting a 90% deposit for my next purchase, and if the bank's allow me, I would like to get a 90% deposit for my next four.
Then I would look at getting smaller deposits because by that time I would be on a higher income (save quicker) and I could dip into my equity.
So stick with the 80% LVR or get into LMI territory?
Thanks for your advice!
I really need some advice and insight.
I bought my first IP last year, in October 2015. The purchase price was $380K and I laid down a 20% deposit ($76K).
I'm super keen to purchase my next property, in June, because that's when I get off probation at my new job.
If I was to get a bank valuation in around 3 months time, I think I'd get a conservative valuation of circa $400K - so hardly any equity that I could dip into.
I've saved another $20K and by the time June comes around I would have $30K cash saved up.
I've been told to save up 20% deposit to avoid LMI but if I continue to save 20% deposit every time I want to purchase, It'll take me forever to build my portfolio.
I'm 26yo, single, no commitments (i.e. family and/or child to support) and FT employed on average income.
I'm seriously contemplating getting a 90% deposit for my next purchase, and if the bank's allow me, I would like to get a 90% deposit for my next four.
Then I would look at getting smaller deposits because by that time I would be on a higher income (save quicker) and I could dip into my equity.
So stick with the 80% LVR or get into LMI territory?
Thanks for your advice!