OK well i waalked into the bank and have applied for a LOC loan. seems that i have serviceability issues.
to my calculations i have about 200k equity. Why cant i get the loan ?Whats the best way to combat this ? It is VERY fustrating!
Hi Giulio
Why dont you post a litle more information and we can give more of a accurate assessment.
There is always a way it is just a matter of going through the numbers.
Richard Taylor | Australia's leading private lender
combined income 70k Net per year
rental income 5200 per year.PPOR Value 370k debt 100k
Investment house 175k Debt 150kHi Giulio
I just ran your numbers through a serviceability calculator and you should be able to pass serviceablity – unless you have large credit card limits, personal loans, car leases etc.
Just try another bank.
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Any idea how much MAX i should be able to borrow ?
Property Passion wrote:OK well i waalked into the bank "
Therein lies the problem – don't walk into a bank, see a broker. They have access to a range of products and lending institutions and should be able to help. Banks are limited by their products brokers are not.
I am with Terry you have bucket loads of serviceability and some good equity on your PPOR.
Borrowing should not be an issue structured correctly.
Richard Taylor | Australia's leading private lender
Will a LOC on the existing property an option ?
not sure if it matters but the loan is for a subdivision/construct on the existing property.Also thinking about the tax side of things too, will it have any effect, seeing as though the existing will turn into a rental and the LOC loan will be for the PPOR.
How will i distinguish what part of the loan i can get tax relief from ?
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