Buy new house with cash? PPOR or IP?

Discussion in 'Loans & Mortgage Brokers' started by Accidental Investor, 14th Sep, 2018.

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  1. Accidental Investor

    Accidental Investor Well-Known Member

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    Hi, I recently made an offer on a house. It was meant to be a seachange PPOR and I was selling my current PPOR (Sydney unit) to move. But I might receive another job offer, which means I have to stay in Sydney for a few more years. Would you buy the new place with cash in the offset (300k) or use a loan (can borrow 100k)? Are these amounts worth fiddling with? My aim is to retire as soon as reasonable, live small, and grow vegetables. Thanks for any advice!
     
    Accidental Investor, 14th Sep, 2018
    #1
  2. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Member

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    Borrow up to 80% or as high as you can without LMI
    keep cash in offset.
    Pay it off later if you need to.
     
    Terry_w, 14th Sep, 2018
    #2
  3. Accidental Investor

    Accidental Investor Well-Known Member

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    Thank you! But I can only borrow 100k max.
     
    Accidental Investor, 14th Sep, 2018
    #3
  4. Rolf Latham

    Rolf Latham Inciteful (sic) Staff Member Business Plus Member

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    Income low ?

    even as an IP

    ta
    rolf
     
    Rolf Latham, 15th Sep, 2018
    #4
  5. Accidental Investor

    Accidental Investor Well-Known Member

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    Thank you for your comments! Applying for a higher loan amount right now.
     
    Accidental Investor, 17th Sep, 2018
    #5
  6. Trainee

    Trainee Well-Known Member

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    Is the job offer worth it? Sounds like the numbers are low anyway.
     
    Trainee, 17th Sep, 2018
    #6
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