Hi All,
I have two properties, one PPOR and one IP.
The IP is a two bedroom unit in the NT, $100k owing, worth $170k, renting at $270/wk ($14k/year).
The PPOR is also a two bedroom unit in SA, $235k owing, worth $185k (hence the 95% LVR).The IP was refinanced at the same time as the current PPOR was financed, all on my income $50k and solely in my name. My fiancee was a new subcontractor at the time and was unable to borrow with me, however she is now an employee of the company she was subbing for (worth 35k).
We would like to buy a house between our two incomes, but I am not sure if we can since I have already borrowed up to 95% LVR (we bought furniture etc and paid out a personal loan with the surplus).
All ideas and opinions welcome.
Cheers,
Heath
Hi Heath
Unfortunately you will not find any lender in the current climate lend more than 95% of the purchase price / valuation which means you need to come up with the 5% deposit plus acquisition costs.
Even the number of 95% lenders is becoming a thing of the past as most are moving back to 90% LVR.
Richard Taylor | Australia's leading private lender
Hi Richard,
Thank you for your response.
It makes no difference that my fiancee will input her income?
Will it be a case of waiting and letting the rent reduce the IP loan and my mortgage repayments to reduce the PPOR loan?Cheers,
HeathYour combined incomes have no impact on the level of lvr that you could obtain only the total amount you can borrow.
Richard Taylor | Australia's leading private lender
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