When can I buy?
So I have a unit in Sydney as my ppor. It’s currently worth $800K
Loan is $606K @ 6.14%
Repayments are $3964/mth, but I’m consistently repaying $5065.
I’m also building my offset, which has a balance of around $50K, and growing around $15k a year. My plan is to build this, and my equity as the deposit on the next property.
I’m earning $148k a year.
I want to purchase an investment property (another unit), which has been selling for around $600k, With rental of $700/wk. I’m planning on shifting some of the $1000 extra I’m paying on the ppor repayments to top up any shortfall I may have from the 2nd property (my figures make it to be about $300/mth).
My question is when will I have the buying capacity to buy the 2nd property, and any gotchas I need to watch out for?
Let me know if I’ve missed any other important info.