Sell or Rent

Hi, not sure what im doing..but here goes...Had a valuation done on my 3 year old home...would end up around $70k ahead, i need to borrow another $100k to purchase my next property, my problem is i will have to quit my current job and want to start a small business in my new location. how can i borrow not using my current home as security. Would it be better to rent out my current home, then try and borrow full amount i need? Currently paying $500 a week in repayments, could rent out for around $300 week, but i really would like to sell altogether. Any suggestions would be appreciated

 

Hi Konan

Even if you turned your current PPOR into a rental, the amount you can borrow won't really change much, as it's based on the equity available in your collateral (your property) as well as your serviceability. After all, you're going to have to rent elsewhere yourself or have you got free accommodation to move into?