Try someone like Washington Brown as they have an office in Melbourne.

They have a Nationwide Quotes and Queries number which is 1300 99 06 12

Jimmy

If you want to drop me an email with the full property address i can send you a free Residex report which might help you.

Yes Vacant Land is acceptable but again not enough data to provide a recommendation.

Lenders use a Living Expense Allowance which varies depending on your marital status and whether you have dependants.

In most cases the scale is based on either the Henderson Poverty Index (HPI) or (the higher) Household Expenditure Survey (HES) data from the Australian Bureau of Statistics.

Simplified Assets & Liabilities statement together with an income & expenditure break up would help.

Great news to hear that you will be in at the weekend Maree after those floors are finished.

Very excited for you and glad we were able to assist.

In general lenders will take into consideration your net monthly income plus a percentage of the anticipated gross rent.

From this figure they will deduct any existing loan expenses, a set living allowance dependant on the size of the family as well as a percentage of your credit card limit etc. This will give them a net surplus and from this the borrowing amount can be calculated factoring in a principal & interest repayment at affordability rate.

There are of course numerous variables between lenders which will mean the amounts you can borrow vary considerably.

Structuring the loan is also important to ensure you not only maximise your borrowings but also minimise your risk.

Hi Shane

Personally I wouldnt use any of my own money on an asset where i can obtain a deduction on the interest. 

That is not to say i would pay interest on the loan but i would utilise an offset account so if circumstances changed down the track and I need access to my own funds I could withdraw them from the offset account without interfering with the loan or its structure.

Flexibility is the key when investing as just because you dont need access to your own cash resources now you may in the future.

Lot easier to have it accessible.

Hi Jazz

Not quiet as clear cut as all that as there is a lot of soft data which has not been provided ie. marital postion, dependants, property location , other liabilities (credit cards limits) etc etc etc.

However in saying all of that assuming your net taxable income for the 2008/2009 financial year was around $90K (Subject to the above then you shouldnt be a million miles away).

Some lenders will want to take an average over the last 2 years incomes but should get away with 08/09 figures with others.

Mick

Hard oen to answer because it all depends on where and what.

Just done one for 95% in a very small town although it was an owner occupied property.

With regards to Strata Titling yes you can differentiate on Unit prices (Have done on a Country block i bought in Victoria) but you would need to argue the reasons why i.e one was a 2 bedroom unit against a 1 bedder or bigger internal size etc etc

Of course you would need separate Contracts and the vendor to agree as his Capital Gains tax could also be effected.