Hi there. I have a 1BR investment unit in Gunghalin I bought for $290,000 five years ago. Agents tell me now it is lucky to be worth $250,000 (thanks ACT Government for flooding 1BR units onto the market – overkill springs to mind). I rent it furnished for $340 per week. I owe $240,000 on it and have a fixed loan until April 2017.
I am buying another unit South side to live in for $270,000 early next year. I have paid 5% deposit and my stamp duty already.
My income from my permanent PAYG job is $75,000 plus I get the rental income. My other debts are nil and my daily expenses very modest. I want to try and keep my repayments to no more than $350 per week each unit if possible.
I prefer to keep the Gunghalin place for a few years rather than sell now and lose all my equity. I want to get the best finance option for both units. Any suggestions?