-investor-Participant@-investor-Join Date: 2009Post Count: 1
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.varskyMember@varskyJoin Date: 2009Post 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.Richard TaylorParticipant@qlds007Join Date: 2003Post Count: 11,992
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.TerrywParticipant@terrywJoin Date: 2001Post Count: 16,110enaajaMember@enaajaJoin Date: 2009Post Count: 26
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.
Dollar Wise Financial Services
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