About to delve into the world of subdividing...we hope.
DH $46k
Me $15K
Kids 9,5,9mths
PPOR owe $50k value $320k $46k redraw LOC IO loan CBA
IP owe $195K value $230K
Plan to subdivide rear of ip into 2 blocks suitable for 2 & 3 br units
Don't expect subdivision to cost anymore than $46k in redraw
So..
PPOR then owe $96k
IP owe $195k rental $230 pw
and 2 blocks worth $70k each ??
We refinanced 12 mths ago due to Wizard being bought by Aussie who then handballed us to GE...so we took out a Wealth Package with CBA and I guess we have cross colatrerised (sp?)
The expected rental on the 2 units....$240 & $250 pw
Any advice / opinions?
Are we dreaming...
Liz
DH $46k
Me $15K
Kids 9,5,9mths
PPOR owe $50k value $320k $46k redraw LOC IO loan CBA
IP owe $195K value $230K
Plan to subdivide rear of ip into 2 blocks suitable for 2 & 3 br units
Don't expect subdivision to cost anymore than $46k in redraw
So..
PPOR then owe $96k
IP owe $195k rental $230 pw
and 2 blocks worth $70k each ??
We refinanced 12 mths ago due to Wizard being bought by Aussie who then handballed us to GE...so we took out a Wealth Package with CBA and I guess we have cross colatrerised (sp?)
The expected rental on the 2 units....$240 & $250 pw
Any advice / opinions?
Are we dreaming...
Liz