Can I buy a new home with this?

**WTFH** · 31 October 2017, 08:10

Hi Blackmarch, I think you might be better asking on an Australian forum, we’re based in the UK and for people who work as contractors.

**Paddy** · 31 October 2017, 08:17

**northernladuk** · 31 October 2017, 09:04

Sounds bonza mate.

**ladymuck** · 31 October 2017, 09:19

Maybe they thought "contractors" in the more building sense, which is a common mistake. The UK part of the site's name may have escaped them...

**woohoo** · 31 October 2017, 09:40

Originally posted by blackmarch View Post

Hi all,

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?

How big is your barbie, and gas or coal?

**Lance** · 31 October 2017, 09:45

Presumably the bank that valued it for 700k are the same Bank you owe the money to. And presumably the same bank you’ll borrow more money from.

On that basis have you asked them?
Seeing as the viability of your proposal hinges on the amount they’ll lend you not some basic sums I doubt we’ll be able to help you.

Can I buy a new home with this?