Evening All, I recently attended a property seminar and it has reignited my interest in starting my investment property journey. I could not afford the $100 a week that they were asking to further my education with them... I am a complete novice so I'm very happy to have found this forum (and Somerset) to do my research. Briefly my situation is working full time mother with two young children (6 and 2), husband working full time also. I am very motivated to start a positive cash flow portfolio because I would desperately like to replace some (eventually all!) of my income so I can spend more time with my family. We are currently renting out our PPR in Darwin because of a 3 year contract we have in Newcastle, NSW. So by default I do have an investment at the moment but we may move back into that house again in a few years. Conservative equity estimate on PPR is $75k and we currently have a $10k debt we need to pay off. I'm here to learn all I can as to how to go about starting off... Any thoughts on my lending opportunities to start the ball rolling given my $$ circumstances or do you think I will need to wait till I increase equity and decrease 10k debt? Really looking forward to learning all that I can
Welcome The equity position may be affected to some extent by valuer mood on the day. When you bought your NT home, did you have a 20 % deposit, or did have lenders mortgage insurance cover ? ta rolf
It would be good to have a chat to a broker to find exactly what's possible for you - with equity, and I'm guessing maybe defence force housing? it could be great opportunity to get things kick started. Either way you'll come out of it knowing where you stand. Which lender is your current loan with? Some are great at pulling equity back into LMI territory, others are considerably less so.
Oh, yuck. That's not to say it's not possible, but BW aren't known for their cash out brilliance This will depend a lot on the strength of your servicing.
