Some help please...
A background, foolishly I bought in Blackwater and Mackay when rents were crazy and out look was bright. Now rents in Blackwater have gone from $950pw, purchase price $495k to now $350pw and an agent told me today if I sold now I would expect $200k as there is zero interest in a property like mine. Mackay is a similar story, rent $700pw, PP $485k to $300pw and a $380k expected sale price. I am currently on a fixed rate for the next few years of 4.89%.
Will this get worse???
I have a house in Sydney that has about $500k equity. My mum lives with my family who has contributed into this purchase so selling this property is not an option.
I am looking for some exit strategies or advice on what to do , where to go or a plan moving forward. I am thinking of going to the bank and asking for help. Is this a good idea? Can they foreclose on me if they learn of this situation?
Any ideas or suggested life lines would be hugely appreciated.
Thanks
Andrew
A background, foolishly I bought in Blackwater and Mackay when rents were crazy and out look was bright. Now rents in Blackwater have gone from $950pw, purchase price $495k to now $350pw and an agent told me today if I sold now I would expect $200k as there is zero interest in a property like mine. Mackay is a similar story, rent $700pw, PP $485k to $300pw and a $380k expected sale price. I am currently on a fixed rate for the next few years of 4.89%.
Will this get worse???
I have a house in Sydney that has about $500k equity. My mum lives with my family who has contributed into this purchase so selling this property is not an option.
I am looking for some exit strategies or advice on what to do , where to go or a plan moving forward. I am thinking of going to the bank and asking for help. Is this a good idea? Can they foreclose on me if they learn of this situation?
Any ideas or suggested life lines would be hugely appreciated.
Thanks
Andrew