The senario is as such:
PPOR value $400k (independent bank val)
Loan $320K
Income $65K gross/annum
Savings $2K
I currently rent out a room in my PPOR and there is a tenancy agreement in place for 180/week – I would like to include this as incomeI want to purchase a property in either Cowra or Snowy mountains with rent ranging from 100/week to 200/week depending on the property – there are a few potentials…
Ideally I would like to borrow up to $150KIf i refinance my home loan and new loan for 150k – the LVR is about 86% this means I am liable for LMI – I approached my bank with this above senario – they said they would accept my tenants rent as income as there was a tenancy agreement in place – but the mortgage insurers would not.
They conditionally approved a loan of 50K – but this is not what I am after.
Could fellow mortgage brokers crunch some numbers and let me know if they have a lender who will service this loan please?Most mortgage insurers would not accept "border" income however in saying this i think you would have sufficient to service the debt from the information provided.
Richard Taylor | Australia's leading private lender
on the surface it looks ok. But you have to take other variables into consideration; like do you have any dependants? or other debts? Other than that its worth investigating further.
cheers,
No dependants and only other debt is a $5K credit card.
Please email me if you would like more information, I am keen to get this off the ground asap
Cheers!i'd need a bit more information from you. if you'd like to contact me on my business email i'd be happy to discuss.
kind regards,
PM Sent as requested with a few options.
Richard Taylor | Australia's leading private lender
Sweetex Loan Company(SLC) is a leading non-bank financial services company offering conventional business real estate loans; short and long term investment real estate financing; factoring and SBA 504 loans.
We provide capital up to $500 million to serve our customers’ specific requirements, which range from commercial real estate and fixed asset acquisition, investment property finance, refinance, partner buyout and working capital.
please contact Dr. Mark benson, our foreign account manager via our email address; [email protected]. if you need a loanDr Shyne
[email protected]
Sweetex loan ltd.Thanks Dr great advertising post.
By the way do you also treat arthritis
Richard Taylor | Australia's leading private lender
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