Hi,
Hopefully I will get a few ideas from this forum as to where to go and what to do as it appears we have a difficult decision ahead of us. We have recently moved from Perth to Sydney for lifestyle and a change not for work. My wife was only 50% on board so we rented our house out - she has an emotional attachment to it as we built it etc and loves it. The house is worth around $900k with a loan of $130k (this is a line of credit which we maxed out prior to listing the house for rent). The rent is $795pw which is fine, lots of taxed income from it but we need to access the equity in this home to build a new home in Sydney. How on earth can we do this without selling it? Is there a way that is allowable? It is becoming very restrictive on our lives as we have seen a block of land that is expensive as hell but we know if we build on it we can make another $300k in equity straight away. Any input is greatly appreciated.
Hopefully I will get a few ideas from this forum as to where to go and what to do as it appears we have a difficult decision ahead of us. We have recently moved from Perth to Sydney for lifestyle and a change not for work. My wife was only 50% on board so we rented our house out - she has an emotional attachment to it as we built it etc and loves it. The house is worth around $900k with a loan of $130k (this is a line of credit which we maxed out prior to listing the house for rent). The rent is $795pw which is fine, lots of taxed income from it but we need to access the equity in this home to build a new home in Sydney. How on earth can we do this without selling it? Is there a way that is allowable? It is becoming very restrictive on our lives as we have seen a block of land that is expensive as hell but we know if we build on it we can make another $300k in equity straight away. Any input is greatly appreciated.