Current Predicament - advise sought

[RTK]

G'day fellars,
Was hoping for some advise on my next move and wanted some feedback.
Personally own a PPOR ($160K Mortgage) mortgage and IP ($500K) and work in the public sector with measly salary of $55K

Owned PPOR for 10 years, now worth $1.3M and IP valued at $740K.
Currently paying I/O on the IP, the rental covers expense so top up is minimal.

Thinking of selling IP, leaving combined cash approx $300K including savings.

Are there any mortgage brokers that can tell me what sort of lending I can obtain in todays climate?

Secondly, I'm thinking of splitting the cash to two deposits in Hamilton (roughly 2 x $400K purchase), to have principal and interest paid, rather than I/O.

I know income is on the low side, hence using the equity to increase portfolio came to mind.

Any strategies to improve situation and portfolio growth would be most appreciated.


RTK

[Don't believe the Hype]

Where are you located?

Why are you looking at Hamilton?

[RTK]

Located in Auckland,

Hamilton growth seems balanced, not as strong as Auckland, but at least the loans can be easier serviced.
Looking forward to the day the loans to be paid off to enjoy passive rental.

Cheers

[Wellington Broker]

Assuming incoming rent of $400/week, a single applicant, no dependents and no undeclared expenses you're looking at around 500k new lending on top of your 160k

[jack2016]

If the IP has strong prospect for further appreciation and it's not a bad one to keep move all your mortgage in PPOR to IP!