Am looking at the results course.
Can anyone give us any advice as to whether this is a viable option for us at this time.
We own a house worth $350,000 and owe $155,000. We have $35,000 available that we can redraw anytime we want. Most finance places I have talked to have said we can only borrow up to $80,000 more on top of the $155,000. We do not have a very high income though only $47,000 pa between us.Hi Dasha
Each lender will apply its own serviceability criteria and you will be amazed at how the difference in borrowing capacity changes from one lender to another.
What it is you are trying to achieve ?
From where i sit you should easily be able to obtain a LVR of 75-80% on your existing property and if the extra funds are to purchase your first IP will have the rent to support the loan as well.
Would need more information to advise further but really equity is a wonderful thing. Just remember to never over comit irrespective of what your lender offers you.
Cheers
Richard Taylor
Residential & Commercial Finance Broker.
Licensed Financial Planner. Ph: 07 3720 1888
[email protected]
New Shared Equity scheme has arrived – Email us for details.Richard Taylor | Australia's leading private lender
Also mention to the lender what you expect the rental income for the investment property will be as lenders will add a portion of this into the servicability calculations. If you have large credit limits on your credit cards that are not being used you will reduce your servicability. Also any amount owed on other loans will affect servicability.
Duckster Financial Services
http://www.ducksterfinancial.com
Helping to make the great Australian Dream come true !Comments are of a general nature and may not be relevant to your individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
thanks
what is an lvr of 75 to 80 ?I know I have a lot more research to do, which is why I was looking into the R.E.S.U.L.T.S program.
We would like to build up an investment portfolio that would allow us to have some financial freedom further down the road.
We are also looking into ways to increase our income
LVR = loan to value ratio.
eg $100,000 property with a loan of $80,000 is an LVR of 80% (loan / value)Terryw
Discover Home Loans
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Send an email to get my newsletter.Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
LVR = loan to value ratio.
eg $100,000 property with a loan of $80,000 is an LVR of 80% (loan / value)Terryw
Discover Home Loans
[email protected]
Send an email to get my newsletter.Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
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