Can I buy a new home with this? Can I buy a new home with this?
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  1. #1

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    Default Can I buy a new home with this?

    Hi all,

    Sorry, title should read "Equity from investment property for buying first home (to live in)" but that's a bit long.

    I recently finished building a house in Australia (I'm living overseas), which we have just started renting out.

    We owe: $486,000
    It just got valued by the bank at: $700,000

    Am I right in assuming I have:
    - $214,000 equity
    - $74,000 equity available to use as a deposit on next property
    - Maximum total spend on Property 2 including all fees (without kicking in extra savings): $370,000

    Trying to figure it out. We are moving back to Oz next year and I'm wondering whether buying a house to live without having to chuck in a lot of savings will be possible.

    Do those numbers look right?

  2. #2

    Prof Cunning @ Oxford Uni

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    Hi Blackmarch, I think you might be better asking on an Australian forum, we’re based in the UK and for people who work as contractors.
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  3. #3

    Godlike

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    Brexiteers remind me of religious fanatics, only faith, no facts.

  4. #4

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    Sounds bonza mate.
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  5. #5

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    Maybe they thought "contractors" in the more building sense, which is a common mistake. The UK part of the site's name may have escaped them...

  6. #6

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    Quote Originally Posted by blackmarch View Post
    Hi all,

    Sorry, title should read "Equity from investment property for buying first home (to live in)" but that's a bit long.

    I recently finished building a house in Australia (I'm living overseas), which we have just started renting out.

    We owe: $486,000
    It just got valued by the bank at: $700,000

    Am I right in assuming I have:
    - $214,000 equity
    - $74,000 equity available to use as a deposit on next property
    - Maximum total spend on Property 2 including all fees (without kicking in extra savings): $370,000

    Trying to figure it out. We are moving back to Oz next year and I'm wondering whether buying a house to live without having to chuck in a lot of savings will be possible.

    Do those numbers look right?
    How big is your barbie, and gas or coal?

  7. #7

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    Lance - scorchio!

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    Presumably the bank that valued it for 700k are the same Bank you owe the money to. And presumably the same bank you’ll borrow more money from.

    On that basis have you asked them?
    Seeing as the viability of your proposal hinges on the amount they’ll lend you not some basic sums I doubt we’ll be able to help you.
    See You Next Tuesday

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