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From: Jack Moro
Hi All,
Its been some time since I last posted but
I am feeling itchy to buy again and seeking
practical guidance for my next purchase
(3Brm House in Blackburn,Melbourne, Rent about $260 pw, Purchase Cost about $290,000)
Realise this is very -ve but Capital gain looks much better than my other property's.
The level of -ve is what concerns me a bit
roughly $8000 PA
As finance is not my strong point.
My questions are
1. Do I qualify for $305,000 I/O loan to purchase I.P and cover associated costs
I have $100,000 equity in my first I.P
(Value 150,000)which is P&I payments are approx $175 P/W
I would like to keep this P&I so as to increase the equity and use this property,s equity to borrow against in future
2. My second I.P purchased earlier this year
is secured against first I.P.
Second I.P Value = $135,000, Loan $132,000, I/O fixed 5 years at 6.34%, Rent $8580 P.A Equity $0
(practically neutrally geared)
3. I own my own home but this must remain unencumbered
4. My income is $50,000 Gross
5. No car loans or other personal loans etc,credit card good etc
6. I have wife and 2 young children as dependants
I am uncertain how the banks look on dependants, what % of rental they calculate as income etc
All my loans are with, which bank ???
Thanks in advance for any help
Jack
Hi All,
Its been some time since I last posted but
I am feeling itchy to buy again and seeking
practical guidance for my next purchase
(3Brm House in Blackburn,Melbourne, Rent about $260 pw, Purchase Cost about $290,000)
Realise this is very -ve but Capital gain looks much better than my other property's.
The level of -ve is what concerns me a bit
roughly $8000 PA
As finance is not my strong point.
My questions are
1. Do I qualify for $305,000 I/O loan to purchase I.P and cover associated costs
I have $100,000 equity in my first I.P
(Value 150,000)which is P&I payments are approx $175 P/W
I would like to keep this P&I so as to increase the equity and use this property,s equity to borrow against in future
2. My second I.P purchased earlier this year
is secured against first I.P.
Second I.P Value = $135,000, Loan $132,000, I/O fixed 5 years at 6.34%, Rent $8580 P.A Equity $0
(practically neutrally geared)
3. I own my own home but this must remain unencumbered
4. My income is $50,000 Gross
5. No car loans or other personal loans etc,credit card good etc
6. I have wife and 2 young children as dependants
I am uncertain how the banks look on dependants, what % of rental they calculate as income etc
All my loans are with, which bank ???
Thanks in advance for any help
Jack
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