Hi all. This is my first post on the forum.
I currently have 10K owing on my residence which can yield 600K in the present market.We are building a bigger home on which we will owe 500K in 6 months time when we are ready to move in. Both homes are in a high growth, high demand suburb of Melbourne.
Is there any means to have investment loan of 500-600 K on the current ppr and then rent it out and transfer the money into new ppr thus reducing personal debt.Unfortunately, the adviser in the bank did not have an answer for this.
looking forward to some feedback.
I currently have 10K owing on my residence which can yield 600K in the present market.We are building a bigger home on which we will owe 500K in 6 months time when we are ready to move in. Both homes are in a high growth, high demand suburb of Melbourne.
Is there any means to have investment loan of 500-600 K on the current ppr and then rent it out and transfer the money into new ppr thus reducing personal debt.Unfortunately, the adviser in the bank did not have an answer for this.
looking forward to some feedback.