All Topics / Finance / how far will a combined income of $80k get us??
Hi all,
Getting on the investment rollercoaster and am just wondering how far our income will get us in the long run?? we have a PPOR loan 210k value around 300k to get us started but just wondering if i am setting my sights too high considering our humble wage? I read all the articles on people with substantial portfolios but are on incomes over 100k. We are currently debtless (excluding PPOR, which we are considering turning into investment property in a couple of years) can it be done or will we be in the 90 something % of people with 1 property?
Dont be afraid of setting me straight
Cheers in advance
Hi Mizfitz
I've got a lot of clients on low incomes who still manage to invest in property – quite a few are from this forum.
It comes down to using the right lenders and correct structuring – the yields on the properties you're purchasing will also come into play.
Best to get a decent broker to crunch the numbers for you.
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]
Different lenders will lend different amounts of money with say a lender like bankwest being on the lower end of the spectrum and NAB being on the higher end.
If we make certain assumptions (like you have no dependents, etc) then you will be looking at around the $700,000 mark for a lender with a more generous servicing calculation.
TheFinanceShop | Elite Property Finance
http://www.elitepropertyfinance.com
Email Me | Phone MeResidential and Commercial Brokerage
Well that’s some welcome news! I’ve done 18 months of research, subscribe to 2 investment mags and go through this forum from back to front learning all the ins n outs. I just wanted to make sure I wasn’t setting my bar too high. Capital growth and rental yields are going to be the #1 thing on my list.
Thank you for your positive feedbackHi mizfits
Look closely at your own affordability too. Just because a bank will lend $x amount it doesn't necessarily mean that you can personally afford it.
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]
Thanks Jamie,
we'll go slow and steady to win this race, we are in our late 20's and have no desire to go all out and get in over our heads. we both love our jobs but just want something profitable to do with our extra $$
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