We are wanting to purchase a +ve geared property with family (all legalised and above board) the trouble is we are also looking at getting a business loan. Will the loan for the property (although In 4 names) be looked down upon in regards to the business loan?
Bronwen
If the good die young then I will live forever
When borrowing, all other debts must be taken into account by the lender. SO it will affect your application for a business loan, but being positively geared would mean that it may not be too bad as they also take into account all income.
(But most lenders take, say, 80% of rent, whereas the load the amount of interest you are paying. ie they factor in higher outgoings while decreasing your incomings!).
Terryw
Discover Home Loans
North Sydney
[email protected]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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