Forums / Getting Technical / Finance / What amount can I expect to borrow

Viewing 3 posts - 1 through 3 (of 3 total)
  • Profile photo of smithsmith
    Participant
    @coldchisel
    Join Date: 2018
    Post Count: 2

    Good day ladies and gentlemen.
    Before I will go to a mortgage broker I wanted to ask a few questions from the community of experts that are on this forum.
    I want to buy an IP. As I’m a sit at home dad that earns income only through bank interest I won’t qualify for a loan.
    My wife has a contract to the end of the year (18 months one) and she is promised a permanent position in the nearest future. Her income is 70k before taxes. We have 2 dependent small kids, so its only one income.
    We have a PPOR bought with cash (we live there) and no loans on anything. I can cough up to 200k in deposit for this new IP, maybe a bit more.
    What is our proposed borrowing power in your opinion and probable conditions of a proposed loan (interest, ability to have an offset account, etc)?
    Thank you for your help.

    Profile photo of TerrywTerryw
    Participant
    @terryw
    Join Date: 2001
    Post Count: 16,190

    roughly 6 times annual income = very rough

    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 smithsmith
    Participant
    @coldchisel
    Join Date: 2018
    Post Count: 2

    Thank you Terry for your help.

Viewing 3 posts - 1 through 3 (of 3 total)

You must be logged in to reply to this topic.