Just looking for some advice on how I can go about purchasing a second home to live in and rent out my first home.
- 2 kids now and the current house is getting too small inside
- want to move to a better area
- want to do it before prices start to climb again
- single income on $110k plus
- first home is in negative equity so I cannot really sell without being at a significant loss due to property prices downturn
Looking at a property in the $400k-450k range with approx 10% deposit, I did leverage my parents as guarantors for my first property but don't want to do that again.
Is it possible to make the switch or will I have to rent out my first house and save more?
Do banks/brokers take into account rental income for my first property prior to renting it out?