Sorry, title should read “Equity from investment property for buying first home (to live in)” but that’s a bit long.
I recently finished building a house in Australia (I’m living overseas), which we have just started renting out.
We owe: $486,000
It just got valued by the bank at: $700,000
Am I right in assuming I have:
- $214,000 equity
- $74,000 equity available to use as a deposit on next property
- Maximum total spend on Property 2 including all fees (without kicking in extra savings): $370,000
Trying to figure it out. We are moving back to Oz next year and I’m wondering whether buying a house to live without having to chuck in a lot of savings will be possible.
Do those numbers look right?