Forums / Property Investing / Help Needed! / New to the Forum, need Finance advice.

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  • Profile photo of -investor--investor-
    Participant
    @-investor-
    Join Date: 2009
    Post Count: 1

    Hey Guys!

    I'm new to the forum, but not new to investing.

    I own a few rental properties I've managed to acquire over the past few years and have been buying whenever I can afford to do so.

    I've just purchased a 4 bedder in Melbourne and have seen my Broker since.

    My Broker tells me my servicability is 'shot' for now.

    My rental returns at the moment border on neutral across the portfolio with current rates, will look into locking shortly but in no real rush just yet as fixed has been moving up and I may have missed the best of them.

    I'm looking for new ways to fund my next purchase, can anyone offer new advice that may be of interest to me at this point in time? or possibly even an Independant Broker would like to take a look at my current figues?

    Thanks Guys.

    Profile photo of varskyvarsky
    Member
    @varsky
    Join Date: 2009
    Post Count: 6

    A pay rise would probably be the quickest kick in the serviceability pants. Though can be hard to negotiate tactfully.

    Could even look at taking a new higher paying job?

    Thats assuming you're actually working.

    you could just pay down your existing loans? push some of those neutral rent returns over into the positive?

    are you paying interest only on you're investment properties? reducing mortgage payment obligations could also be a way to free up serviceable income.

    Profile photo of Richard TaylorRichard Taylor
    Participant
    @qlds007
    Join Date: 2003
    Post Count: 11,992

    Hi investor

    Firstly welcome to the forum and I hope you enjoy your time with us.

    There are many ways to work out serviceability and each lender adopts a slightly different criteria which can result in significantly varying results. What will be the maximum borrowing amount with 1 lender could be totally different with another.

    Not suggesting you post personal details on an open forum but feel free to flick me an email and I will happy look through the numbers for you to give you an assessment of the position.

    Richard Taylor | Mortgage Broker helping investors build their wealth thru property
    http://www.mortgagecapitalaustralia.com.au
    Email Me | Phone Me

    0-40 Properties in a decade with a unencumbered portfolio value in excess of $40M. Ask me for a copy of my API Interview.

    Profile photo of TerrywTerryw
    Participant
    @terryw
    Join Date: 2001
    Post Count: 16,110

    Also consider a part time job – maybe until you get the next loan.

    Terryw | Structuring Lawyers / Loan Structuring Pty Ltd
    http://propertytaxbook.com.au/
    Email Me

    Lawyer, Mortgage Broker and Tax Advisor (Aust wide) http://propertytaxbook.com.au/

    Profile photo of enaajaenaaja
    Member
    @enaaja
    Join Date: 2009
    Post Count: 26

    Hi Investor

    What you possably my do for better servacability is apply for the loan on a fixed rate.
    What this does is effectavley put the servacability calculator on the fixed rate rather than the servacability rate which could be 7-8%.
    Hope this may give you a further avenue or feel free to email for further queries.

    Regards

    Rob Bologna
    Dollar Wise Financial Services
    [email protected]

    Profile photo of lifeXlifeX
    Member
    @lifex
    Join Date: 2004
    Post Count: 651

    Investigate some positive cash flow deals?

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