Hi from Sydney, total noob to ip so I am here to educate myself. ill be posting some questions soon, cheers
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Thank you, well due to certain circumstances we are looking to move to Out of Syd but I would love to keep the property. I'm just unsure how difficult it might be as the house is close to 60y old double brick with a fairly old inground concrete pool. Crunched some numbers, 2k/m for repayments should get more than 630/wk. added expenses, maintenance and the rest am I looking to be In neg or pos?
Hi @Deemo Is that 2k including principal repayments? Or is that interest only. I would think given the rent and some tax benefits it would be neutral to positive. Happy to share our cashflow spreadsheet. Look at income less all expenses on a weekly, monthly, yearly basis to determine the accurate end cashflow numbers. What did you pay for it? What is it worth? Given the rental return you suggest against repayments sounds to me you have decent amount of equity in there.
That's 2k interest only, paid 700 would probably sell for 950 today but borrowed 500. Where do I find the spreadsheet play?
When I switch my loan from owner occupier to ip at the bank, is it essentially same as refinancing? Is there anything holding me back from shopping around for better rate? I do have neg .9 of current rate
usually it's just a form, but there's so many good refi deals at the moment it may pay to look into it anyways. Lots of rebates being offered make it pretty much free to change lenders.
Depends on the lender. If you're converting repayments to interest only they may require a whole new application. Agree with Jess - some good options out there to check out at the moment if your current lender proves difficult to deal with and/or is no longer competitive. Cheers Jamie
I will have to talk to my bank I guess, do some research with competition and see how they stack up. What is everyone's experience with ip with inground pools, is it going to be a money pit or asset worth having? I guess in Sydney market is so competitive that I can't possibly loose either way
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