Looking for my first IP

Hi all,
Great to be here, looking for some advise on getting into my first IP.
I got my first property in Sydney, kellyville around 2 yrs back and now have equity around $250k in it (confirmed with my Lender).
My lender gave me option to cross collateral or cash out equity, cross collateral sounded too complex so I think I would go for cash out. I have a few questions
1) if I am cashing out the equity for investment into property, the bank is ready to give me the money on a Invester loan rate of interest, around 3.5%pa. Does that sound correct?
2) does it make more sense to get part of equity cash out as a topup on my existing load (2.55% rate) and part of it as a new investment loan?
3) I am looking for positive cashflow from my IP, tax saving if possible (I am on a high tax bracket) and also fair capital gains over the next few years. How do I start my search, are there any websites I can look at, is going with a buyer agent a good idea (but with so many of them out there, it confuses the hell outta me).
4) I am open to looking at outside sydney as well Brisbane, Good coast, Perth or elsewhere, however mi concern is how do I finalise a property without even looking at it in person.

any all advise to this new investor is greatly appreciated.

cheers!

 

Hey, and welcome to the forum!

Rather than going direct to lender, I highly recommend you use an investment savvy broker (there are lots on this forum, have a read and you'll be able to tell who you vibe with)

Reason being, there is a world of difference between investment lending and getting a loan, and the person at your bank won't have a clue about the best way to structure it all for tax purposes, or set you up properly to grow your portfolio. It's quite strategic, and bank lenders simply aren't trained that way.

 

100%, do not cross collaterlise ever.

Realestate.com is a good place to start and a BA is recommended in an area you do not live in or are unfamiliar with. There are a few BAs on here who are reputable.

BA

 

Positive cashflow AND capital growth?
If you could only get one of these, which one would you pick?

 

Thanks for the advise, will keep that in mind.

 

No .. that’s way too much. Aim for under 2.5% IO fixed for 3+ years!

 

Thanks for welcome and the sound advise Jess, am going through the posts in this forum, heaps of great info and can see quite a lot of knowledgeable folks across. Will keep an eye on to see if any investment savvy broker resinates with me.

 

Thanks for the response Colin, I have been contemplating going to a BA, but as I mentioned, there are so many out there to add to confusion. I attended some calls with a couple from social media and most of them offer education courses and packages, was not sure if that was something I was looking for. Will keep an eye on this forum to see if any BA’s resonate with me.

 

I am more looking at passive income so would say positive cashflow over capital growth at this time. And I do expect that in the long term capital growth would follow if I invested in the right areas.

 

Thanks.

 

Happy to point you in the right direction in regards to a BA.

 

That will be great Colin, appreciate it.

cheers!