Is there a way I can work out myself the amont of money i can borrow for a first time investment property
Thanks
Enquire at a bank on how much you can borrow – You do not have to apply for a loan just tell them you are thinking of getting a loan and would like an idea how much you can borrow before you go out and buy a house.
I always do this before I go out to buy.Unfortunately the calculation varies from lender to lender and is not a simple one formula fits all calculation.
Your mortgage broker should be able to crunch some numbers for you and give you some guidelines on approximate amounts.
Remember the structure of the loan is just as important as the amount so make sure your MB is au fait with investment purchase structures.
Richard Taylor | Australia's leading private lender
I found these calculators pretty helpful. They say how much you could borrow, what your repayments would be ect.
I know these are for ING Direct but is helpful as a guide ONLY so you know a rough range before you speak to a mortgage broker
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