Brokers pls help – Serviceability issues!

Hi Brokers:)

My problem is that I’ve got 2 IPs and a block of land (owned jointly) and am having problems getting finance for further properties.

After talking to my broker he says that I and my partner can only borrow $190k jointly as we are unable to service a higher amount. Anyway, I’ve heard that when people face serviceability issues they start looking at low doc loans??

Our aim is to purchase a PPOR for around $240k and to get the stamp duty etc included in the loan, so I guess the total amount we are looking for is around $250-$260k.

I’ve listed our situation below so if any brokers out there (preferably Perth based) can help us, I look forward to hearing from you:)

Cheers

Wayne

Our Current Situation

– We are both renting a house in beldon, perth for $210 p/w.

Wayne’s Assets

4×2 in Merriwa
– Mortage owing = $219k
– Market Value = $230k
– Rented at $195 p/w
– Monthly repayments = $1,282

3×2 in Merriwa
– Mortgage owing = $118k
– Market Value = $220k
– Rented at $215 p/w
– Monthly repayments = $691

Block of land in Yanchep (jointly owned with Lisa)
– Mortgage owing = $216,500k
– Market Value = $205k
– Monthly repayments = $1,267

White goods etc = $15-20k
Car = $4k
Credit card = $1k limit
Shares = $1,000
$5k Savings

Wayne’s Income
– $45k per year
– $675 p/w

Lisa’s Assets

Block of land in Yanchep (jointly owned with Wayne)
– Mortgage owing = $216,500k
– Market Value = $205k
– Monthly repayments = $1,267

White goods etc = $10-15k
Car = $12k
Credit card = $1k limit

Lisa’s Income
– $35,780k per year
– $550 p/w

Wayne Leech

*Below are links to my websites – any feedback, comments would be appreciated:)
http://www.holidayhomeswa.com.au – Holiday Homes in Western Australia
http://www.wheretostaywa.com.au – Accommodation in Western Australia
http://www.homesearcher.com.au – List your property for FREE