Hi,
Had a question about possibly selling my PPOR. I have about $300k tied up in a house in Sydney which I was considering selling to go and purchase about the same amount of property in NZ. I have several properties in NZ already so this is not a worry for me.
My question is whether if I sell my property for $300k here – is it likely that I will get a loan to the tune of the same amount over there?Basically what i am trying to find out is whether or not the nz financial institutions would consider my house here as an asset and by selling it I would only be able to get a much smaller loan than I have here – or whether they would approve me finance to basically the same amount due to the fact that I have free’d up debt to that amount…
My income has slightly increased but other than that there are no other changes that I could say should affect me getting a loan.
Any help / ideas would be appreciated.
Waz11
Hi Waz11,
Before you decide to sell you could have someone crunch the numbers based on both scenarios,
E.g.: Maximum borrowing capacity taking into account your current mortgage repayments, as opposed to maximum borrowing capacity based on no mortgage repayments,obviously with the later your borrowing capacity will be higher, but I would strongly suggest you explore every avenue, and seek professional advice before you decide to sell.
Regards
Steven
Mortgage Broker[email protected]
http://www.mobilemortgagemarket.com.au
Ph:0402483216
Ph:1800 820 500
VICTORIAPLEASE note comments made should not be taken as specific taxation, financial, legal or investment advice.
You must be logged in to reply to this topic. If you don't have an account, you can register here.
