500k savings but low income—should I buy an IP outright or get a mortgage?

[PeachHeathen]

I have 500k in savings. I am self-employed. My income is only 50k per year. How can I get a mortgage to buy an IP? Or should I just buy outright?

 

[timmabambino85]

If you have equity you will generally find a lender, talk to a broker

 

[Breadzilla]

Even if I could buy outright, I probably wouldn't. The real strength in property investment comes from using the bank's money over time. Then again, maybe I just don't know enough.

 

[Zarthon]

Get a low doc loan. Avoid outright IP. Leverage cheaply. That's the key benefit. Don't add to super on 50k. If you need income, choose a high yield ETF.