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Working towards 2nd IP

Discussion in 'General Property Chat' started by Ryno, 30th Oct, 2015.

  1. Ryno

    Ryno Active Member

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    Hey Guys

    so I purchased my 1st IP in April this year and now working towards my 2nd. What should I be focusing on now to achieve this?

    Cheers

    Ryan
     
  2. wylie

    wylie Moderator Staff Member

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    You will need to give more detail to allow answers.
     
    Terry_w and York like this.
  3. Ace in the Hole

    Ace in the Hole Well-Known Member Premium Member

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    I'd say arranging your finances so you have enough funds accessible to make a purchase.
     
  4. Jess Peletier

    Jess Peletier Mortgage Broker - Australia Wide Business Member

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    Yep - speak with your broker to make sure you know where you stand with borrowing. They'll also be able to tell you how much deposit you need to save for the purchase and costs.
     
  5. MsAli

    MsAli Well-Known Member Premium Member

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    As others have said, look at equity gained in the property. Then work out with your broker what you are able to borrow for the next property (and may be more?).

    Be two steps ahead when it comes to finance as you need to know what's the absolute max that aligns with your risk profile. This is important especially in the given APRA environment...
     
  6. Terry_w

    Terry_w Solicitor, Finance Broker, CTA Business Member

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    Look at how to structure the first loan and PPOR loan to maximise deductibility.