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Changin my hme to an investment property and purchasing interstate

Discussion in 'Real Estate' started by ka23, 28th Sep, 2008.

  1. ka23

    ka23 New Member

    Joined:
    28th Sep, 2008
    Posts:
    1
    Location:
    sydney
    I am considering renting my current home out and relocaing to QLD to rent short term and purchase a new place of residence within 6 months.
    I have a 330k mortgage with payments of 2600 p/m I hope to rent it for 500 per week.The estimated current value would be 450k to 475k.

    I am looking at rent in QLD for the 6 month period to be 350 p/w and after that period want to purchase a new property to reside in for 450k to 500k.

    I will have enough saved to cover 2 months of the rent in QLD.
    I will also have enough to cover the relocating expenses.

    I will not have anything left for a deposit on the new property in QLD

    My husband and I are on a combined income of 110k PA and expect to
    keep earning that amoun when we relocate.
    The only other debt we have is a personal loan of 40k with payment of 1100 per month.

    Can anyone suggest how i can make his happen or what would be the best way to approach this plan.

    Thanks

    KA