Hi All, I need help with something. I bought a 1 bedroom PPOR apartment 2 years ago that is still in the process of built (Should be ready next year September 2019) Also, I have yet to take a mortgage on the unit. The problem is, I want buy a another property while waiting for my apartment to settle. But do not know how everything will work. Its a unique situation I am in, but really want to increase my portfolio. Should I wait until September, have my PPOR organized before looking at something else? Or should I continue looking for opportunities to buy.
What did you buy your unit for and what is it now valued at? When it comes time to get the mortgage you may need more capital than you originally thought. Might be worth finding a good mortgage broker now to avoid some future pain. There's heaps of great ones on here if you don't have one already. Only once you have some clarity on that situation would I look at the next property.... Good luck!
This is the trouble with off the plan - you will need to worry about this until settlement! See a broker and check out servicing and assume the other one has settled. But keep in mind that things are constantly changing so credit might tighten up further.
@Shane฿ Important to have a look at your borrowing capacity and resources before you buy that next IP. Given your property is off the plan, you won't know what the bank will value it at until close to settlement. We don't have a crystal ball, but depending on the supply / demand, there may be valuation risk. So you need to factor that in your figures - if valuation falls short, what does it mean for you?
I purchased it for 360K and now its probably worth 500ish here in Sydney. Thats what I've been thinking. I already put 10% down and will put another 10% but thinking I may put as much as 30% overall. I don't have a current mortgage broker. I just go from one to another, while talkikg to banks in between. Thank you for the help
Its been really frustrating to be honest. A painful lesson learned. I'm from Sydney Liverpool and wanted to stay close to family so I went with this. I will see a broker and see what I can do from here. The banks tightening up makes things a little more complicated also. Thank you for helping out
Yep, sounds like I need to see a broker to talk over my situation. I may need to wait for settlement, get that fixed, then look go from there. Reallt frustrating to be honest.
Your probably right. I bought it December 2015. I recently seen one left still for sale for 585k which obviously is not worth that much. I thought mine would be worth 500ish give or take. Its probably much worse. Wetherill Park NSW 2164 - 1 bed apartment for Sale, $585,000 - 2012365802 | Domain
What I'm saying is that I seen 2 already. But only go when I need a pre approval. Due for another. I also hope not. Imagine being in a situation like this where you have been waiting close to 3 years, and will wait another year. 4 all up.
Nothing more to what everyone else has said only that you shouldn't be surprised if it takes even longer. There are a lot of developers under a lot of stress at the moment and it will get worse.
What I meant was waiting for my unit to settle, while having enough capital to re invest into something else. But I understand what your saying
Your risk is not knowing what you need to settle the otp, and if you can even get two loans. Crazy to buy another now before settling the otp imho.
Don't go direct to banks... you are at risk of having a stamp on your credit file each time. Pick one broker and stick with them. Some great brokers are on these forums, some of which have responded in this thread. Give one a call and let them guide you.
Murray Walker of Formula 1 commentary fame once mused that "the lead car is absolutely unique in every possible way, except for the one behind it which is identical".
