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New Guy from Western Sydney

Discussion in 'Introductions' started by bdydrp, 12th Apr, 2016.

  1. bdydrp

    bdydrp Active Member

    Joined:
    12th Apr, 2016
    Posts:
    39
    Location:
    Claremont Meadows, NSW
    Hi All,

    Just joined as we looking to buy our 1st IP. Love this site, whole wealth of information.
    Little background and would love to get peoples input.

    Built project home and moved in Dec '12'.
    Original loan amount was $550K and now owe $510K.

    We are in the process of refinancing to remove my dad who was guarantor on the loan.
    Bank valuation came back at $730K.

    So would now like to use some money to completely finish off all our landscaping. ( i know 3 years later & still not done)....

    And hopefully use some equity to buy our 1st IP.
    If any one has some advice, would love to hear it

    Thanks...Look forward to reading alot more on these forums

    Adam.
     
  2. Mumbai

    Mumbai Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    763
    Location:
    Sydney
    Just a word of advice, try not to use the 'equity' money to finish off the landscaping.
     
    Leo2413 likes this.
  3. Jess Peletier

    Jess Peletier Mortgage Broker - Australia Wide Business Member

    Joined:
    18th Jun, 2015
    Posts:
    2,764
    Location:
    Perth WA
    Hi Adam, welcome :)

    You've got some decent growth there, well done!

    You've got about $74k equity, so it's enough to use as a deposit for your IP but may not leave much spare for your landscaping (depending what you're hoping to do.)

    The most important thing to do here is make sure the loans are set up properly so the PPOR loan/s are completely separate from the IP deposit, to keep the interest deductible.
     
  4. BillV

    BillV New Member

    Joined:
    19th Jun, 2015
    Posts:
    4
    Location:
    SYDNEY
    Or to buy a car or to even go on a holiday :D
     
  5. bob shovel

    bob shovel Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    5,378
    Location:
    Somewhere in the land of Oz
    Hi adz welcome

    How's the riff treating you? Plenty learn here buddy
     
  6. bdydrp

    bdydrp Active Member

    Joined:
    12th Apr, 2016
    Posts:
    39
    Location:
    Claremont Meadows, NSW
    Thanks All,

    Riff going well....

    I should have mentioned earlier, that when i refinance, i would borrow a bit back to complete landscaping...not using equity.

    Hopefully once landscaping is done ( i literally have a massive hole in the back yard after digging out 400t) that i can re-value the property to get a figure much more closer to the $800K.
    Looking around my area, this seems to be about the asking price atm, for similar sized house & land.

    Plenty more reading to go

    Cheers for the welcome :)
     
  7. Nick Valsamis

    Nick Valsamis Well-Known Member

    Joined:
    20th Jun, 2015
    Posts:
    504
    Location:
    Sydney
    Welcome to the forums.

    Borrowing a bit back is the same as using your equity. You are borrowing money against your property which you can only borrow if you have equity.
     
  8. bdydrp

    bdydrp Active Member

    Joined:
    12th Apr, 2016
    Posts:
    39
    Location:
    Claremont Meadows, NSW
    ahhaha..blonde moment much!!!...Of course!!
    So i will be using some of that equity. But like i said previously, i would hope that my valuation increased a fair bit based on surrounding properties...
     
  9. bdydrp

    bdydrp Active Member

    Joined:
    12th Apr, 2016
    Posts:
    39
    Location:
    Claremont Meadows, NSW
    @Nick Valsamis Just realised your address in your signature...Your in the Eclipse Building?
     
  10. bob shovel

    bob shovel Well-Known Member

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    18th Jun, 2015
    Posts:
    5,378
    Location:
    Somewhere in the land of Oz
    Are you in the new pocket on the orchard hills side? i never got to have a look around there, is that "caddens"? or am i mixed up ? (im an ex local, ill be back one day)
     
  11. Nick Valsamis

    Nick Valsamis Well-Known Member

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    20th Jun, 2015
    Posts:
    504
    Location:
    Sydney
    If there is a big difference it may increase the value.

    Yes or Deloitte building, whichever you want to call it.
     
  12. bdydrp

    bdydrp Active Member

    Joined:
    12th Apr, 2016
    Posts:
    39
    Location:
    Claremont Meadows, NSW
    I'm on eastern end of Caddens Rd near Gipps St.. If it's been a few years since you've been here, you probably won't recognise the area. Looks differrent now.


    Awesome.. I know the building, seen it come out of the ground..I'm in the Sydney Water building..but not for Sydney Water!
     
  13. datto

    datto Well-Known Member

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    23rd Jun, 2015
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    1,390
    Location:
    Mt Druuiitt
    G'day Adam. I'm datto. Mt Druitt investor (the better part thereof)
     
  14. Azazel

    Azazel Well-Known Member

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    18th Jun, 2015
    Posts:
    8,113
    Location:
    Brisbane
    Hey Adam, welcome aboard.
    Using equity to buy an IP sounds like a good idea.
     
  15. bdydrp

    bdydrp Active Member

    Joined:
    12th Apr, 2016
    Posts:
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    Location:
    Claremont Meadows, NSW
    There's a better part?? :D
     
  16. datto

    datto Well-Known Member

    Joined:
    23rd Jun, 2015
    Posts:
    1,390
    Location:
    Mt Druuiitt

    It's got you thinking eh. lol