Howdy all ….
I’m a little stuck in deciding my next move … Any ideas or situations to consider would be very welcome.
My name is Daniel, I’m 24 years old and have purchased my first property in Brisbane 12 months ago – One bedroom unit for $190.000 in Stones Corner. I have recently had it valued by ANZ at $250,000 which gives me a little equity to play with, about $35,000 (loaning 95%). My rental income for my current property per week would be $225 - $245 (income calculated 3 – 4 months ago) with my current mortgage repayments being $310.00 per week. I also have about $10,000 cash to put toward my next purchase.
My initial thoughts were to use the equity to buy another one bedroom in the area but after crunching the numbers I can only afford a property at a maximum price of $215,000 (advised by my current mortgage broker working on the above figures) but this would completely tie up my income (actual loan amount $250.000 - $35,000).
This would be fine if I didn’t need to use equity (mortgage top-up) which would increase my weekly mortgage repayments to roughly $400.00 which would break the budget.
There are two ways I can think of to move forward;
1) Sell and put the equity into a two bedroom apartment (renting a room out)
2) Buy the cheapest one bedroom I can – maybe in S.A ($160,000 max – renting at $160.00 PW)
If anyone could shed some light on the direction I should consider it would be greatly appreciated
Cheers
Daniel
I’m a little stuck in deciding my next move … Any ideas or situations to consider would be very welcome.
My name is Daniel, I’m 24 years old and have purchased my first property in Brisbane 12 months ago – One bedroom unit for $190.000 in Stones Corner. I have recently had it valued by ANZ at $250,000 which gives me a little equity to play with, about $35,000 (loaning 95%). My rental income for my current property per week would be $225 - $245 (income calculated 3 – 4 months ago) with my current mortgage repayments being $310.00 per week. I also have about $10,000 cash to put toward my next purchase.
My initial thoughts were to use the equity to buy another one bedroom in the area but after crunching the numbers I can only afford a property at a maximum price of $215,000 (advised by my current mortgage broker working on the above figures) but this would completely tie up my income (actual loan amount $250.000 - $35,000).
This would be fine if I didn’t need to use equity (mortgage top-up) which would increase my weekly mortgage repayments to roughly $400.00 which would break the budget.
There are two ways I can think of to move forward;
1) Sell and put the equity into a two bedroom apartment (renting a room out)
2) Buy the cheapest one bedroom I can – maybe in S.A ($160,000 max – renting at $160.00 PW)
If anyone could shed some light on the direction I should consider it would be greatly appreciated
Cheers
Daniel