Hi All,
I am still a newbie but have been investing in property for the last 5 years. My problem is that the bank wont lend me any more money. My LVR is great but I have reached my limit with regards to servicability as all my properties are negatively geared.
My Question is: Is there a way around this or am I going to have to consolidate?
Second Question for any of you who are fans of the positiely geared strategy. If you only buy postively geared properties, will the bank let you buy as many as you like ??…or do you end up with the same problem eventually.
Any advice would be greatly appreciated.
Michelle
Hi Michelle
Each lender calculates its serviceability diferently so you may find what you qualify for with 1 lender will difer with another.
Some lenders add back the negative gearing element and others take a higher percentage of rental income into consideration.
If you have good equity then thee are often ways around serviceability issues.
Rather than post your personal information on the forum if you would care to take this offline and PM or email me then I am sure I can point you in the right direction.
Cheers Richard
[email protected]
http://www.yourstatefinance.comSpecialising in US & IP finance.
Richard Taylor | Australia's leading private lender
Michelle,
are we related? For some reason, you look very familiar to me[biggrin]
We buy properties in Adelaide. Immediate Cash Settlements, No Agent Fees.
[email protected]
phone 0412 437 582Look like long lost twins….
Was someone adopted out at birth ??Or..
Post general information here for various Mortgage Brokers to give an opinion..
Michelle, are your properties cross collateralised, maybe re-financing will free up some money to allow you to invest more?
Have a look at http://www.loansapproved.com.au (Ed NIXON) for a great article re X-Collateralising.
Re-Jigging your position can do wonders..
Plus, I’m sure if you ask the brokers there are some great products out there such as lo-doc, no-doc etc..
Just don’t overcommit.
I’m sure some of the great brokers here can assist.
REDWING
“Money is a currency, like electricity and it requires momentum to make it Effective”
Count The Currency With This Online Positive Cashflow Calculator
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