[?] My husband and I(+3 children) owe $218, on our home with a current market value of $335, we also have a credit card totalling to $8000. and another debt of $4650. We recently asked a mortgage broker if we could refinance to a Line Of Credit so we could accelerate our buying power to start investing, unfortunately with our situation we are required to earn $82000 py to be able to go into the Line of Credit(currently we are only making between $56,-66, can anyone help us?
Also, if not possible, what do you think of us selling our home and then buy an investment property whil we rent for a while?
Please help,
HerzenIf you sell you need to calculate selling and buying costs and you still just own the one property.
Why do you think you need a LOC?
Why not raise your current loan by, say $50K but don’t draw it. Find an IP. Draw enough for a 20% deposit plus costs and find another lender to do a stamd alone 80% lend. Probably cheaper this way too.
All the best,
Simon Macks
Mortgage Broker
[email protected]
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
Hi Herzen
I have quickly crunched some numbers based on your figures,
Keeping your credit card at $8000 and the debt of $4650 you should qualify for a $260.000 loan
If you get rid of the $8000 credit card then you should qualify for an extra $30K = $291.00080% of $335.000 (property value) = $268.000
Balance of current loan $218.000
This will leave you with $50.000 to play with.
Regards
Steven
Mortgage Broker[email protected]
http://www.mobilemortgagemarket.com.au
Ph:0402483216
VictoriaPLEASE note comments made should NOT be taken as specific taxation, financial, legal or investment advice. Please seek professional, specific advice.
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