Can we use home equity for an investment property with our income?

J

JpnVenBilboSiyGuy

New Member
Hey, so here's my situation. Our house is currently worth about $820k, and we still owe $542k on the mortgage. Personally, I'm taking home around $4k every fortnight after tax, and my partner clears $2.8k. We don't have any kids or dependents. With that in mind, do you think we're in a solid position to use some of our home's equity to get an investment property? We'd really prefer not to touch the $50k in savings we've got between us for the depossit.
 
Whether you can buy an investment property depends on how much you spend and if you owe other money. But yes, you might get about $114,000 to use as a deposit.
 
Ask a broker to check the numbers.

The attachment shows your borrowing power. It also helps you see if you can manage the debt.
 
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