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  1. #1
    Join Date
    Sep 2015
    Location
    Auckland
    Posts
    26

    Default Renting out my own home and buying another house for us.

    Hi, right now with the rent increase over the years, the rent can cover the mortgage repayments of my own house (in Auckland) at interest only ad little top up with P and I loan.

    Is it possible to rent my own home and get loan for another property to live in. I also have an investment property.

    Also what sort of property and where I can get for 190K which is cash flow neutral or positive.

    Thanks

  2. #2
    Join Date
    Jun 2004
    Posts
    10,367

    Default

    If you just get a loan for another property to live in the interest isn't deductible.
    $190k in Auckland?
    A dog kennel somewhere maybe?
    Tokoroa you would get change for that money.

  3. #3
    Join Date
    Mar 2010
    Location
    Lower Hutt
    Posts
    386

    Default

    Quote Originally Posted by kjoshi View Post
    Hi, right now with the rent increase over the years, the rent can cover the mortgage repayments of my own house (in Auckland) at interest only ad little top up with P and I loan.

    Is it possible to rent my own home and get loan for another property to live in. I also have an investment property.

    Also what sort of property and where I can get for 190K which is cash flow neutral or positive.

    Thanks
    Yes of course you can get another home and rent your own home.....I would look at lending against your home and other investment property so the banks finance it 100% which means you don't have to stump up any of the capital yourself.

    190K, parts of Lower Hutt, although in saying that we are in a sellers market so its harder to find those deals but I believe they are still out there. Tokoroa, Levin spring to mind, although very intense management. I'm not intimate with the Rotorua market but I would suggest there as well as the Wairappa. A client of mine has a property out in Masterton and he seems to go very good out of it....
    Fraser Wilkinson
    www.managemyrental.co.nz
    Wellington / Lower Hutt / Upper Hutt / Porirua

  4. #4

    Default

    Is borrowing more possible? Go chat with your bank, if your servicing and debt levels are good then they'll lend you money to Africa :-)

    Under $200K, lots of places but all more regional or satellite towns to "non Auckland" cities. If you want to speak with some peopel I am part of a rental property finding agency and can introduce you, won't spam the forums though so please PM me if that would be helpful.


 

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