Hi everybody,
We are looking to purchase an IP and wanted some advice. We are looking to purchase a $2mil IP in Sydney. We are still deciding between an OTP plan apartment or a house in a Double Bay/Vaucluse. Our current PPOR has been fully paid up. Conservatively we estimate the current market value of our PPOR to be about $1.1mil and would like to use that equity for our IP. We do not have any other loan commitments and have about $100K in savings. My partner is a medico, hence we are eligible for 90% LVR with no LMI for home loans.
Is it still possible for us to buy our $2mil IP? Also, would appreciate on what other things we should take note of? Thanks.
We are looking to purchase an IP and wanted some advice. We are looking to purchase a $2mil IP in Sydney. We are still deciding between an OTP plan apartment or a house in a Double Bay/Vaucluse. Our current PPOR has been fully paid up. Conservatively we estimate the current market value of our PPOR to be about $1.1mil and would like to use that equity for our IP. We do not have any other loan commitments and have about $100K in savings. My partner is a medico, hence we are eligible for 90% LVR with no LMI for home loans.
Is it still possible for us to buy our $2mil IP? Also, would appreciate on what other things we should take note of? Thanks.