Hi All,
I'm looking into buying my first IP. My situation is:
loan amount on PPOR - $165,000
PPOR value - around $275,000 - $300,000 (depending on how the valuer feels)
Income - $140,000 p/a (i'm an IT contractor, currently on a 12mth contract)
I've spoken to a mortgage broker who has advised my existing lender (Credit Union Australia) will only consider lending me the money for an IP if my LVR for the 2 properties is less than 80% LVR.
Is this typical? Would other lenders allow me to borrow more, and if so, would i have to pay mortgagee insurance on both properties?
Hope this makes sense.
thanks
Penny
I'm looking into buying my first IP. My situation is:
loan amount on PPOR - $165,000
PPOR value - around $275,000 - $300,000 (depending on how the valuer feels)
Income - $140,000 p/a (i'm an IT contractor, currently on a 12mth contract)
I've spoken to a mortgage broker who has advised my existing lender (Credit Union Australia) will only consider lending me the money for an IP if my LVR for the 2 properties is less than 80% LVR.
Is this typical? Would other lenders allow me to borrow more, and if so, would i have to pay mortgagee insurance on both properties?
Hope this makes sense.
thanks
Penny