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We bought a splitter block so I'm talking building a house on 'free' land that would cost about $220-250k new to buy and would rent for $280pw. You could equally buy the land and build for about $160k total. In Gladstone you could do the same for < $120k but you would get < $200pw rent. But...

Interesting. Says we can borrow about $19-25k on current income (need $100k), which sounds about right as that would take us to the limit of what we were originally approved for. Jumps to $115-150k if I throw in anticipated rental income. Maybe this is doable after all without stupid...

Hrm. I might actually have to do this formally when we have the land on its own title. Amusingly, the rent from the new house would be considerably more than interest on the mortgages for ALL THREE properties :) The rent from my old house is $100pm shy of paying for the two mortgages we already...

10% for you. 20% for me. Different rents, different PMs. My rates and insurance add another 14%, then P&I repayments add 40%, which wouldn't leave me with much in the pocket. Its why I'm not engaging a PM ... so far my hunt for a tenant has cost $0. I was just curious as to serviceability vs...

Doesn't compute. If I engaged a PM it'd cost me 20% straight away, *plus* rates, insurance and maintainance.

Does that mean if you are proposing to buy a house where 80% of the rent covers the interest on the loan, you'd qualify?