30 Answers

I own a mostly finished house with a very small mortgage left. I would like to own another house using this house or by any other means. Does anyone have practical tips on how I go about saving/making more money/using this house to buy another and what people/services should I get advice from?

Posted by vidald79, 11th April 2014

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  • Get proper advice from a licensed financial planner.

  • A mortgage broker is a great source of advice for this type of question. My daughter and her partner are currently considering doing this and they have a mortgage broker ready to go when they’re ready to ask the questions

  • I would love to know how you went with this property idea and if anyone else had success?

  • I would consult an advisor for professional advice and expertise.

  • Find out about related taxes from accountant; always have renters insurance.

  • you would rent the house your in now out, once you have purchased another house. Then you negative gear it all. You should go see a financial advisor or accountant to give you the right advice.

  • Talk to your bank and/or accountant finance should be left to experts

  • i would talk to your bank

  • talk to your bank or a mortgage broker

  • There are many advisors to speak with, even just visit your bank

  • I would speak to a bank or a financial advisor and see what options you have to make money, decrease your taxes and purchase all at the same time

  • First step, speak to your accountant, then speak with a mortgage broker. Your accountant will be able to give you advice on what kind of return on investment you should be looking for, which will give you an idea of how much you should spend. Also, they will give you advice on depreciation, capital gains etc. A mortgage broker will not be able to give you this, but they can broker a good deal on a home! Don’t forget, the broker makes money by getting you to borrow money, but your accountant will help you make the most of the money you earn (and no, I’m not an accountant but I have a fantastic one who helps us with property, investments and returns)

  • Talk to an expert such as mortgage broker or bank but I think you should pay off your first house mortgage first.

  • Using the current equity in your house you may not need to outlay any money. Everyone’s situation is different. Speak to Shayne at capital Funding Group (Mortgage broker/Finance expert) on 07 5554 5221 or 1300725339 and he will be able to explain the whole process to you and let you know if this is an option for you without putting you under any financial strain. There is no cost just to chat with him.

  • From our own experience pay your first home off and then you can look for another property , and with rent from that property you shouldn’t have any problems adding to the mortgage , but still don’t buy anything too expensive as you will not want to find yourself with no spare money to still be able to enjoy life.You will always make something over a long period time with your second property and not put yourself in a situation where you cannot continue to enjoy life. Never forget what is really important that is our health and happiness.

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