End goal: Buy a PPOR in Sydney's inner west. Minimum 2 bedrooms, doesn't have to be a house, but must be dog friendly (ground floor unit/villa/townhouse). Maintain our IPs to eventually have a comfortable rental income ($50k per year or so in today's values)
Current situation: In our early 30s. Combined income of $170k (pretax). No current PPOR but in a fortunate position not to be paying rent where we currently are. 3 x IPs.
Debts/Assets:
IP1: Value $400k - Loan $293k (73% LVR) - $330 rent per week
IP2: Value $430k - Loan $371k (86% LVR) - $425 rent per week
IP3: Value $355k - Loan $323k (91% LVR) - $380 rent per week
Personal debt: $50k (i know, i know...!! we're both paying off our mistakes of bad debt from our 20s). Half of this amount is forever on interest free balance transfer deals, the other half on a low rate fixed personal loan due to be paid off in 12 months from now.
We have approximately 60k accessible in equity from IP1 if we bring our LVR up to 89% (I'm aware we will have to pay LMI top up)..
So how do we get closer to our goal? 60k won't get us anything in Sydney... So do we continue to invest interstate and/or outside Sydney, turn to shares, do the sensible thing and pay down our non-deductible debt or bide our time until we have a decent amount of equity to access to purchase our desired PPOR...? I'm just afraid the longer we wait, the more we will be priced out...
Would greatly appreciate your thoughts..
Current situation: In our early 30s. Combined income of $170k (pretax). No current PPOR but in a fortunate position not to be paying rent where we currently are. 3 x IPs.
Debts/Assets:
IP1: Value $400k - Loan $293k (73% LVR) - $330 rent per week
IP2: Value $430k - Loan $371k (86% LVR) - $425 rent per week
IP3: Value $355k - Loan $323k (91% LVR) - $380 rent per week
Personal debt: $50k (i know, i know...!! we're both paying off our mistakes of bad debt from our 20s). Half of this amount is forever on interest free balance transfer deals, the other half on a low rate fixed personal loan due to be paid off in 12 months from now.
We have approximately 60k accessible in equity from IP1 if we bring our LVR up to 89% (I'm aware we will have to pay LMI top up)..
So how do we get closer to our goal? 60k won't get us anything in Sydney... So do we continue to invest interstate and/or outside Sydney, turn to shares, do the sensible thing and pay down our non-deductible debt or bide our time until we have a decent amount of equity to access to purchase our desired PPOR...? I'm just afraid the longer we wait, the more we will be priced out...
Would greatly appreciate your thoughts..