case details…loan needed

Sorry, borrowing power.

Assuming the $55k is net and not gross (if it is gross borrowing power will be less)
and your monthly repayments are $600( if they are higher, will lower borrowing power).

The approx maximum, with these figures, would be $360000.

These figures have only been used through one lender, other lenders will differ.

I get round $360K gross borrowings (from a bank to a wraper) as well. If you paid off your credit cards you could borrow another $40K, so I would highly suggest you pay them off ASAP (or even take out a personal loan, and using the saved interest that you paid on your credit and apply to your loan (that part is the most important part!). Also cut up your CC (until youi can control your debt levels better)..

Perhaps move into a cheaper place to save money to afford a deposit, for your next ptoperty (as well as to pay of those credit cards!).

You also said that you have found a property, give us the details of the prop. so we can see if one of us can help[ you (price, location, rates if known, etc).

Heres my previous reply to a a differing thread by you, don’t know if you saw it or not…

“
You can go guarantor on the loan, but simply going guarantor doesn’t mean much to the banks anymore (they dislike repo’ing guarantors property, esp. the family home), so they still will assess her on the main loan criteria and if she doesn’t qualify then they will simply deny the loan.

There is also problem if you try to get the loan, but she ‘buys’ the property (i.e. title goes in her name). The banks would call the loan back (as you have breached one of it’s conditions) and you would have to pay back the loan immediately.

So there are 3 options, first you gift her 20% deposit (she can get a no/low docs home loan, but still must meet bank criteria), or you could on sell with a wrap (so she can still qualify for FHOG). For more info on wrapping go here:
http://propertyinvesting.com/forum/forum.asp?FORUM_ID=13
If it was me, I would wait until she got a job (how will she pay the mortgage if she doesn’t have a job???). So she might have to get short-term rental, or move in with you, but if she can’t see the opportunity you are giving her (for a bit of short term inconvenience) then she obviously can’t handle the responsibility of a mortgage (this point is extremely important).

The third is you buy a place together and live in it (together), but put title in her name, but that means you are both repsonsible for the loan and she could kick you out at any stage and you would have to go through a court battle to get recognition that you own a part of the property. If you went down this path you I would suggest you go and see a lawyer (one that knows about cavets, etc). The banks would find it hard to call in the loan, and probably wouldn’t bother (or a mortgage broker would prob. disclose it to the bank, and then there is nothing to worry about).
“

Rgds.
Lucifer_au