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From: Ian Redman
Hi All,
Due to the ever rising prices of property, we believe that we will be able to buy again very soon using equity in our 1st IP.
Could somebody please explain the way to do this?, and also how much equity would we need?.
Example:-
Say we have $15K in equity and we find a house/unit for $130-$150K which is +/ve geared. (rent $170-$200 week).
Do we have enough equity to buy in this price range, covering all legals, borrowing costs etc?. Also is there a time span req'd by the banks before you can refinance?. We bought IP1 in November 2001.
Thanks in Advance
Ian Redman
Hi All,
Due to the ever rising prices of property, we believe that we will be able to buy again very soon using equity in our 1st IP.
Could somebody please explain the way to do this?, and also how much equity would we need?.
Example:-
Say we have $15K in equity and we find a house/unit for $130-$150K which is +/ve geared. (rent $170-$200 week).
Do we have enough equity to buy in this price range, covering all legals, borrowing costs etc?. Also is there a time span req'd by the banks before you can refinance?. We bought IP1 in November 2001.
Thanks in Advance
Ian Redman
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