Borrowing Capacity for Airbnb Side Hustle

Hi All,

I’m looking at buying a property from the family and putting up some cottages for an airbnb, online calcs say I have borrowing capacity but an initial chat with a finance adviser seems to think it will be difficult, details:

My income: ~$7600 fortnight gross

Both loans below with same FI – which I have been told was a bad move..

Current home loan: $790k
Home value: $780k (not best buy I just fell in love with it and had to have it)
Payments: ~$3400 month

Investment property loan: $210k
Value: $480k
Payments ~$1200 month
Income: $450/wk

New property Plan
Value: $450k
Borrow initial: $300k
Give $200k to family member and use savings / 100k to build simple cottages
Then once up and running, refinance to give family member remaining $250k
It has had rental income close to $300/wk
I’m planning on putting 2 cottages on it which will rent for around $200 a night and should get consistent rent for the summer months.

I want to keep the financing simple and hopefully use this as a leg out of corp life.

Also do you advise to use mortgage brokers or lend directly? An online finance writer (guess who) seems to advise better to go directly though a FI like ubank.

Thanks in advance for any advice provided – Go Cats!!!!