Plan to buy investment property. Share your Journey pls

Hi, we bought a property in Oct 2020 for $700k and based on the Real Estate website our property value is $850k mid. Our next goal is to use equity to purchase an IP. We have $50k savings and me and wife are working full-time.

Could you share the next step to achieve our next IP?

 

Yep speak to a mortgage broker.

Create a separate loan split for equity release against the existing property to use as deposit for the IP purchase.
The values shown on real-estate website are not very accurate (could actually be worth more than $850K)
A lender valuation will need to be ordered on the existing property anyway, this will determine how much accessible equity you have in the property.
Then it's a matter of borrowing capacity to determine what you can afford to borrow.

 

Any good broker with a great reputation in Sydney? trying my best to read threads but will take me a loong time to read all.

 

It will be worth your time to read as much as you can tho. This is a lifelong thing, and worth learning properly.