Hi everyone
Not sure if someone can give me their view on how i should handle my current situation. I am getting a bit concerned that i just can't seem to get ahead even though i have a couple of IPs. I got caught up in GFC1 and this blew my debt out and of course my equity use.
Right now i am not sure weather to sell at least one of the IPs and stay have some cash or perservere and just not do anything at this time.
My situation is this.
IP1.....Current Val $541k
Loan..$344k
Considering refinancing the new val @ 80% which would give me some buffer
541k@80%=432800-344000=$88000 either loc or offset
Rent $430pw
IP2....Current Val $371k
Loan $210k
Loc $40k
Rent $330pw
371k@80% 296800
my main concern is GFC2 could be lurking and my DSR is under pressure as banks are tight.
hope to hear from someone
SG
Not sure if someone can give me their view on how i should handle my current situation. I am getting a bit concerned that i just can't seem to get ahead even though i have a couple of IPs. I got caught up in GFC1 and this blew my debt out and of course my equity use.
Right now i am not sure weather to sell at least one of the IPs and stay have some cash or perservere and just not do anything at this time.
My situation is this.
IP1.....Current Val $541k
Loan..$344k
Considering refinancing the new val @ 80% which would give me some buffer
541k@80%=432800-344000=$88000 either loc or offset
Rent $430pw
IP2....Current Val $371k
Loan $210k
Loc $40k
Rent $330pw
371k@80% 296800
my main concern is GFC2 could be lurking and my DSR is under pressure as banks are tight.
hope to hear from someone
SG