HI,
To cut a long story short I have had to buy my house twice. After building an IP early and then moving and buying another house and selling for a good profit I was within sight of owning the original house when I geared into shares and lost the lot in the GFC. Since then I have been paying off a tax deductable investment loan secured by my house with zero asset to show for it. It sucked.
Anyway It's over. I own the house we live in. (or will do in a month or two)
Bank valuation $450k in a good suburb in townsville (worst house in an excellent street)
We have no other debt and are fairly frugal. I have a good income and have been paying 30K PA off the mortgage and we live off my salary. My wifes entire salary as a teacher goes into the mortgage (dunno how much - 4 days a week so approx 40 - 50k p.a after tax)
anyway once it's paid off we would like to top up super for a bit and eventually we possibly be looking to move into a new PPOR. We would also like to hang onto this one as there is good chance of more CG.
Is there any way I can borrow money for a new PPOR but have my debt in the investment property (this one). Do i really have to sell it at market rates and buy it back again at 90%LVR?
Is there some way to convert the equity of this house into a new house and have the mojority of my debt as investment debt?
Could I do something like retain this house as a PPOR while I borrow for another IP, and then move and live in the IP and rent this one while I do up the IP? (dont laugh) is the 6 year PPOR rule for capital gains mean i can live somewhere else for 6 years?
what would you do?
first post. lots of questions.
To cut a long story short I have had to buy my house twice. After building an IP early and then moving and buying another house and selling for a good profit I was within sight of owning the original house when I geared into shares and lost the lot in the GFC. Since then I have been paying off a tax deductable investment loan secured by my house with zero asset to show for it. It sucked.
Anyway It's over. I own the house we live in. (or will do in a month or two)
Bank valuation $450k in a good suburb in townsville (worst house in an excellent street)
We have no other debt and are fairly frugal. I have a good income and have been paying 30K PA off the mortgage and we live off my salary. My wifes entire salary as a teacher goes into the mortgage (dunno how much - 4 days a week so approx 40 - 50k p.a after tax)
anyway once it's paid off we would like to top up super for a bit and eventually we possibly be looking to move into a new PPOR. We would also like to hang onto this one as there is good chance of more CG.
Is there any way I can borrow money for a new PPOR but have my debt in the investment property (this one). Do i really have to sell it at market rates and buy it back again at 90%LVR?
Is there some way to convert the equity of this house into a new house and have the mojority of my debt as investment debt?
Could I do something like retain this house as a PPOR while I borrow for another IP, and then move and live in the IP and rent this one while I do up the IP? (dont laugh) is the 6 year PPOR rule for capital gains mean i can live somewhere else for 6 years?
what would you do?
first post. lots of questions.