Hi All,
Just looking for some of your thoughts. My husband and I own a unit in Kalgoorlie which has risen in value by $100,000 over the last 3 years. We have just borrowed an extra $30,000 against the property to purchase another unit. Our current lender will not lend us any more against that property. Our current loan is $160,500 and the value of the property is $245,000.
We are considering wether now is the time to sell and split the profit into 2 deposits for more property.
This property is currently positive cashflow, if we lend any more against this property it will be costing us money every week. Our combined wage is under $40,000 p.a.
Any thoughts, ideas?
Thanks Guys,Hi Collie
We hear of clients each and every day having their loans declined on serviceability as lenders toughen up their criteria.
In saying this remember there are so many serviceability models that the difference in what you can borrow between lenders varies considerably.
To give you an indication of your borrowing capacity i would need more information in relation to your break up of income's rent and liabilities. Ovbviously this maybe sensitive information that you do not wish to post online.
Also remember that any interest charged on a property that is used to generate an investment income is normally tax deductible irrespective of which security you raise the funds upon.
Richard Taylor | Australia's leading private lender
You must be logged in to reply to this topic. If you don't have an account, you can register here.
