So, reviving an old thread for the new year, first post for me.
I am looking for my first IP, due to location and familiarity in or around Heathridge. I have also recently been considering Quinns Rocks. Budget is under 400k. The way rents are at the moment it would be possible to come close to neutral.
Our PPOR is worth around 660k, with a LOC with a 398k limit, currently with a balance of 298k. Combined income of 150k. Would I be better off pulling out some of the equity as a deposit and get a standalone loan for the IP or finance the total using PPOR as security?
I don't have a strategy as yet, just want to get started, although I would be looking for CG over ten years then potentially selling to pay off PPOR early. This may change once I get my feet wet.
I am looking for my first IP, due to location and familiarity in or around Heathridge. I have also recently been considering Quinns Rocks. Budget is under 400k. The way rents are at the moment it would be possible to come close to neutral.
Our PPOR is worth around 660k, with a LOC with a 398k limit, currently with a balance of 298k. Combined income of 150k. Would I be better off pulling out some of the equity as a deposit and get a standalone loan for the IP or finance the total using PPOR as security?
I don't have a strategy as yet, just want to get started, although I would be looking for CG over ten years then potentially selling to pay off PPOR early. This may change once I get my feet wet.