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  1. #21
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    A few more in Sydney under $600k:
    Caringbah
    Miranda
    Sylvania
    Ramsgate
    Sans souci
    Plus heaps of 1 bedrooms in Cronulla, Maroubra, Narabeen

  2. #22
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    Heaps in adelaide for under $600k. One just just sold on the esplanade at Brighton for under $350k was only 1 bed, Seacliff right through to semaphore you will find them. They are huge and flashy and but they are their thats for sure. I live 5 min drive from the beach and my house is around $700k you put my place in Sydney and it would be $2m easy

  3. #23
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    Some banks are also charging higher interest rates on investor loan (and even interest only owner occupier loans) and depending on the apartment market and risk location based on the banks determination may not lend more than maybe 60%

  4. #24
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    Default Using home equity

    Quote Originally Posted by babyno1onboard View Post
    Yup! On the Sunnie coast 1-2 km from the beach you can get a 2 bed unit for $400k. You can get a 4 bed house (will need a reno) for $500-$600!
    I stayed in my friend's apartment on Sunshine Coast a couple of weekends ago and she paid $550k for a 2 bedroom unit in Coolum Beach. The apartment is right across the road from the beach and 2 minute walk to surf club.

  5. #25
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    Quote Originally Posted by BigRedV View Post
    I stayed in my friend's apartment on Sunshine Coast a couple of weekends ago and she paid $550k for a 2 bedroom unit in Coolum Beach. The apartment is right across the road from the beach and 2 minute walk to surf club.
    I'm about 5 mins south of there. My 'first world problem' is that the waves are too noisy some nights and wake me up. I also found a sand crab in my lounge room one day. I'm 200 m from the beach

  6. #26
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    Quote Originally Posted by babyno1onboard View Post
    I'm about 5 mins south of there. My 'first world problem' is that the waves are too noisy some nights and wake me up. I also found a sand crab in my lounge room one day. I'm 200 m from the beach
    That sounds absolutely divine! I would love to have that problem! (The waves at night, not the sand crab)

  7. The Following User Says Thank You to witherwings For This Useful Post:

    babyno1onboard  (12-04-2017)

  8. #27
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    Quote Originally Posted by babyno1onboard View Post
    Yup! On the Sunnie coast 1-2 km from the beach you can get a 2 bed unit for $400k. You can get a 4 bed house (will need a reno) for $500-$600!
    Wow that's great! How much rent per week could you get?

  9. #28
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    Quote Originally Posted by witherwings View Post
    Wow that's great! How much rent per week could you get?
    On a cheaper place ($350-$700k) probably about 5% of the property value per year. On the more expensive places ($700-$900k) maybe 4%. The $1 mil+ houses only get $900 ish per week so the returns really drop off.

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  11. #29
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    Quote Originally Posted by 2BlueBirds View Post
    What about (instead) if I want to borrow $12-15k to renovate my existing house?
    Then as long as you can afford the repayments on an extra 15k on your home loan (according to the bank) that is easy.. if the amount you want to borrow puts you over the 80% of home value you will incur mortgage insurance. The bank may need to send a valuer to re value your house.. but I doubt it with the figures you stated above. It should be pretty straight forward just put a call into your lender

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    Just jumping in here as you all seem to have a good idea of what you are talking about.

    My fiancé and I are looking using our equity to improving our cashflow and therefore be able to save a lot easier. Borrowing approx $20,000 from equity out of our mortgage this will allow us to pay off our cars, therefore having less monthly payments going out to these loans, and easier cash flow plus savings each month (provided our monthly mortgage payment doesn't increase too much higher to account for the with the extra $20k)

    What I worry about is when my fiancé bought our house he was a single guy earning $80k per year with his parents as guarantor. Unfortunately due to different financial circumstances over the years we now earn $75-$80k combined. We are making payments fine and trying to improve our cashflow. In order to refinance everything we would both our names to go onto the mortgage, and we are worried that it wouldn't be approved with such a relatively low income.

    Welcome anyone's constructive thoughts!


 

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