Hi,
I just joined! I currently work full time and looking at having a side business and one day quite my full time job. Do you know if having a business will hurt my serviceability and borrowing power? That's if i continue to have my full time job as I don't want to give up investing. Not sure how banks will view this as favourable or atleast until a certain amount of time?
It will only hurt your servicing if it's taking money out of your pocket (ie. losing money).
If it's a profitable business – you may be able to use the income it generates to improve your borrowing capacity. You usually have to have a couple of years financials behind you to demonstrate this.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
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