Hi. This may have been covered but seeing every situation is different I thought I’d ask away…
I earn $47,000pa & 2 years ago borrowed $158,000 to have a house built. Repayments are $1065 approx p/m @ 6.99 over 30 yrs (fixed for 3 more yrs). 2nd Mortgage of $23,000 (to purchase new car/consolidate debts) @ 205 p/m @ 6.52 fixed til Mar 2005.My house has been estimated to be worth $250,000 though the BankSA valued it much less when working out my 2nd mortgage 12 months ago.
With my current debt vs income, are banks going to take me seriously when trying to borrow for an investment property? As “From 0 – 130 in 3.5” suggests, I’ll be aiming for a positive cash flow. DO financiers look more favourably on lending for houses which have secure tenants already or does this not come into the equation?
Any advice would be gratefully accepted as I really want to purchase my first investment property ASAP.
Thanks!
WarrenThe answer is yes – depending on what you wish to buy.
Can you advise me roughly how much you intend to spend?
Cheers,
Simon Macks
Mortgage Broker
http://www.mortgagehunter.com.au
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
I’m aiming to spend no more than $80,000 – $100,000 and due tot hat, also more likely in a decent sized regional market.
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