Hi all,
i just bought my first home (unit) in may and last week the unit next to mine (identicle) sold for $22,500 more. Which leads me to believe that i will have already equity to my name.I am gradually doing some improvements to add value or better yet to increase the rental yeild.
When i get it to a standard i will move out and rent it out, i will rent somewhere else myself too (its cheaper that way).
I want to buy another property soon before prices keep going up but im told by mortgage brokers i wont be able to get finance (mainly because of my borrowing capacity). So it looks like im not going to be able to buy another property unitl i either move out of mine (rent it out) and get rid of my personal loan (car loan).
Is there anything i can do to be able to not have to wait so long and get my next property sooner rather than later?
Those who really know what they are talking about please only reply.
CheersWithout some actual figures and personal information it is difficult to assess any application.
Most lenders use a variety of different serviceability calculators to assess an applicants borrowing capacity and with the likely of interest rates increasing on Wednesday this may reduce your capacity.
However as mentioned without some further information it is impossible to comment.
Cheers
Richard Taylor
Residential & Commercial Finance Broker
100% Finance on selected properties in the USA.
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I am with Qlds007, without added personal information and statement of position, it is difficult to assess your position.
Lenders use different repayment calculators to determine your serviceability for lending.
Would advise you seek a further opinon on your eligibility, so you are aware as to what exactly needs to change in regards to your situation for a further propery acquisition to become a reality.Wade Greasley
Bluewater Financial Pty Limited
Residential and Commercial Lending Brokers
Ph- 0414564743
“Discover the Bluewater Difference”[biggrin]ditto again…
you can take some basic guidelines of about $250k borrowing off $50k gross and $350k off $75k gross and probably get some idea of what you can borrow off a website – but you still need to take your individual situation into account with personal loans etc into play
Alliance Finance and Property
0405151645
[email protected]
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