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.roughly 6 times annual income = very rough
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
Thank you Terry for your help.
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