Hi everyone,
Just hoping someone out there can tell me how far off I am to being able to get my first investment property.A few details
Annual wage – 39K gross
car loan – none owing
credit card – 2k limit
Property value – 240k
Owing on property – 160k
Mortgage payment – 520 p/f
no personal loansWhat yearly wage would I have to get up to so I can reach my dream.
Any suggestions would be fantastic.
Thanks alot
LJCAre you asking whether you can buy another property?
What price range are you considering? For what rental?
Do you have dependants?
Cheers,
Simon Macks
Mortgage Broker
http://www.mortgagehunter.com.au
0425 228 985Todays Hot Rate
***3 year fixed – 6.49%***Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
And I thought I had included everything someone would want to know LOL
Single, no dependants.
I was either looking at purchasing a property for rental with purchase price around $180K with a rental around the 180 p/w mark.
Or renting this place out for rental of 240p/w and buying else where (to live in) for the same above price of 180K.
Depends if I move interstate or not. I’m sorry I don’t think I’m putting down in writing what I’m thinking of.
I am determined not to be like mother with absolutely no money at 65. I have always wanted to be in the property game.
I have read 0 – 100properties but couldn’t relate it to me (single income)Thanks again.
LJCHi LJC,
Based on your figures, I think you will struggle to qualify for $180K finance on an investment returning $180 per week.
If your interested, I have crunched the numbers regarding your maximum borrowing capacity, I am happy to post the figures on the forum, or if you prefer I can e-mail them to you.Regards
Steven
Mortgage Broker[email protected]
http://www.mobilemortgagemarket.com.au
Ph:0402483216
Ph:1800 820 500
VICTORIAPLEASE note comments made should not be taken as specific taxation, financial, legal or investment advice.
What about the other way?
Renting my place out for 240p/w with roughly 65k equity and buying another place to live in for about 180K?Sorry for being a pain. But I really don’t want to have to sell my place or rent in a new town if I do move.
If you could email the other info to me, that would be great.
Thanks for all you helpHi Ljc.
You have access to $32.000 in equity; this figure is based on 80% of your properties current value and taking into account the $160.000 balance remaining on your current mortgage.
PPR value $240K @ 80% = $192K Less $160K = $32K
I have emailed the other information to you as requested, I hope it helps.Regards
Steven
Mortgage Broker[email protected]
http://www.mobilemortgagemarket.com.au
Ph:0402483216
Ph:1800 820 500
VICTORIAPLEASE note comments made should not be taken as specific taxation, financial, legal or investment advice.
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