I want to buy a new home but i don't know what i want to have but this?

[blackmarch]

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?

[Nutria]

Hi.

Am I right in assuming I have:
- $214,000 equity

Yes.

- $74,000 equity available to use as a deposit on next property

That's 35% of $214K, alright.

- Maximum total spend on Property 2 including all fees (without kicking in extra savings): $370,000

We're pretty much all US (and a bit Canada) bound, and thus don't know any more about Australian real estate other that what we'd find by Googling.

Sorry.