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Unlocking Equity in Family home

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Davo | 15 Feb 2017, 02:16 PM Agree 0
Hi all,
I am new to this platform an am seeking advise/shared experiences when unlocking equity from the family home for property investment.
I have little to no savings, although we have a healthy 500 K equity value in the family home to which we still have a mortgage.

Any advise would be appreciated, do I approach the bank/mortgage broker first then buyers agent?? I am new to this and am seeking practical steps to begin my journey.

Thanks in advance.

  • Ronnie | 15 Feb 2017, 05:45 PM Agree 0
    Dave - Firstly where is your house located? Secondly - Have a long look in the mirror and see if there is some risk taker looking back at you. I've been doing this since 1972 and still doing it - Let me know re the two points above and we will see where we can go from there.

    The Property game is not for mugs but carried out wisely is great, sadly there are a lot of mugs (advisers) out there who will tell you that they are successful by saying "I know what to do for I have 15 properties" what they don't tell you is that they purchased them with minimal deposit and totally rely on rent receipts to keep the mirage flowing, their equity is minimal, so should the property game get tight, the
    mortgagee calls them up for the difference between the old valuation and the new valuation and their sand castle gets washed away.

    As I said Look in the mirror first, for once your in there's no escape valve until you have completed the exercise, you have good equity in the home, don't waste it with someones cockamanee idea they put up without them having any risk in the venture -e/m Ronnie
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