hi guys,
just a quick question as to how much I could borrow
my details are
gross income 45k p/a
two investment properties
1. Owe 220k worth 350k rents $300p/w
2. Owe 120k worth 180k rents $210p/wI'm looking to see what the max is I could borrow for a 3rd investment property assuming the return on the property will be as follows worth 300k rents $300 p/w , worth 400k rents $400p/w ect
any help would be greatly appreciated.
cheers
Hi Seank. Go for that number 3!. As far as borrowing power goes, you would need to divulge your current loan reapymant amounts for the two loans, how many dependants you have, and any liabilities such as credit cards and personal loans-hardly stuff you want to do on a public forum. I would be more than happy to give you an idea, but you will find most lenders have a calculator on their website that you can have a bit of a play with, or even there is one here under the 'how much can I borrow' http://www.mfaa.com.au/calculator.asp?menuid=426 that will save you airing your laundry on the forum. Hey, all the best. Cheers
As a very rough guide, you could borrow around $300,000 – maybe a bit more depreciation you are claiming on your current properties.
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
Thanks for the reply V8 ghia
Hi Terry,
If this was the case could you provide more details on the load ie – interest rate, re-draw facility ectcheers,
Hi Sean
I think it will depend on a lot of things such as what features you need and what deposit you have, etc. Rates will also depend on loan amounts. eg under/over $250,000.
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
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