dear steve, my son is unemployed due to ill health and consequently has no regular income, other than welfare payments. he is in his own property at the moment, valued @ about $240,000, with approx $130,000 equity and is considering selling and re-buying in a cheaper suburb, so as to do away with mortgage repayments. he says no one would loan him money without a regular income. my query is, is my son right or is there any way he could buy two properties with his equity and another loan; one to live in and one to rent out and begin a property portfolio? [?]thanking you, cheers,
zara
Hi Zarabel and Welcome to the forum,
I am not the steve you have addressed this question to but I will offer my 2 cents worth anyway,[
]In the eyes of the Lending Institutions The amount of finance your son may be able to borrow will depend on his ability to service the loan amount, in this case his benefit or pension income, existing debt personnel loans credit cards etc will also be used to assess his serviceability,
Don’t forget to include future rental income from the proposed investment property when applying for finance,
Good Luck and please keep us informed of your progress,
Kind Regards
Steven
Mortgage Broker[email protected]
http://www.mobilemortgagemarket.com.au
Ph:1800 820 500
VictoriaPLEASE note comments made should NOT be taken as specific taxation, financial, legal or investment advice. Please seek professional, specific advice.
thankyou steve for your prompt reply. i will take a look at your site & let you know how i get on. cheers,
zara
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