MAXXED OUT BORROWING CAPACITY

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Maxj
Participant
@maxj
Join Date: 2015
Post Count: 1
May 25, 2017 - 6:58 pm
HI THERE,
I AM 26 YEARS OLD AND OWN 3 PROPERTIES, I WAS HOPING TO BUY 2 MORE THIS YEAR USING EQUITY IN MY PROPERTIES, UPON SPEAKING TO A MORTGAGE BROKER HE HAS SAID THAT I HAVE MAXXED OUT MY BORROWING CAPACITY DUE TO THE NEW LENDING REGULATIONS BROUGHT IN RECENTLY, I HAVE BEEN GIVEN THE GREEN LIGHT FOR A SMALL LOAN OF 180K WHICH I COULD POSSIBLY USE TO PURCHASE A UNIT SOMEWHERE. I JUST FEEL STUCK AT THIS STAGE.
ANY ADVICE FOR A LOAN WARRIOR HERE IN COFFS HARBOUR,
CHEERS,
- This topic was modified 7 years, 7 months ago by Maxj.
Tony Fleming
Participant
@the-dark-knight
Join Date: 2008
Post Count: 396
May 25, 2017 - 11:00 pm
I’d talk to Corey Batt from Precision Funding. They are located in SA but in this day and age everything is done through phone, Skype or email anyway so location wouldn’t be an issue.
As for the $180K you still have some options out there. Dependant on your strategy but there are some Regional NSW suburbs and areas in Adelaide that you could get some bang for buck in that range.
Tony Fleming | Triumphant Property Group
http://www.triumphantpropertygroup.com.au
Email Me
NSW Buyer's Agent specialising in Western Sydney-Blue Mountains-Orange-Albury
Richard Taylor
Participant
@qlds007
Join Date: 2003
Post Count: 12,024
May 27, 2017 - 11:12 am
Hi Maxj
Not every lender assesses a loan using the recommended sensitised interest rate of 7.25% so there are still plenty of options left subject to how you have your existing loans structured.
Of course it is difficult to provide actual advice without a full assessment of your own situation but just because you get told it can’t be done by one party doesn’t mean the end of your investing career.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Benny
Moderator
@benny
Join Date: 2002
Post Count: 1,416
May 27, 2017 - 4:13 pm
Hi Max,
I HAVE BEEN GIVEN THE GREEN LIGHT FOR A SMALL LOAN OF 180K
No need to shout…. ;)
Further to what Richard said, not every lender uses the same parameters, so it could be that some lenders might be able to lend much more than $180k. i.e. Don’t just ask in one “shop” and accept their answer as being “That’s it – I can’t do better!” It very well could be that you CAN do better.
At one time in my life, one lender would allow me $400k while another would allow $650k. I’d suggest you look around a bit more rather than settling for a unit somewhere (especially if – like me – units are not your favourite investment).
Why not hit up Richard, Corey, or Tony for a second opinion? ;)
Benny