To buy or not to buy an IP- whilst umemployed

HI

I'm new to this forum. So forgive me in advance for anything that might be misplaced?

I'm 44 and own my own place outright. I was about to invest in my first IP worth about $200k. Using equity in my place for the deposit. And about 40K in an offset. BUT my job ends May 1.
I now have about 3 weeks to get a loan approved. But I want to take 3-6 months off work. what to do? My fear (yes there it is) is that I will "MISS OUT" if I don't do this now AND if I do, I might be putting unecessary pressure on myself.

The idea (ideally) is the rent will cover the mortgage, and expenses if possible. Or interest only till I get work again.
My partner is making reasonable amount of money but that will cover costs of living. What would you do? Have you ever experienced this? I'd love to get some support around the dilemma.
thanks
 
Loan docs ask you something along the lines of "do you or are you aware of any changes in circumstances in the future".

Would be making a misleading statement if you didn't answer or incorrectly answered this question.

Would you be able to service the loan as a joint application based on your spouses income?
 
If I was in your shoes, I'd consider it if it was a property that increased the amount of money that I had in my back pocket. If it wasn't then I wouldn't give it a second thought.
 
What's the fear of missing out about?
If it's about money, why worry, there's thousands of other opportunities available every day.

If it's easy to rent out and likely to be cashflow positive and you really want it then consider having a go

Otherwise what ace said ... There's always another deal around the corner
 
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