Hi all,
Have searched, but to no avail...is this the correct way of working out how much I can borrow:
Loans: 1,049,000
Current value of properties: 1,510,000
Current LVR: 1,049,000/1,510,000 = 69%
Assuming bank will lend 80%:
0.8*1,510,000 = 1,208,000
Minus current loans: 1,208,000-1,049,000 = Bank lend 159,000
Does this mean I can put this amount in a LOC & go to another bank & get a loan for another property using this as a deposit?
Thanks
Sorry for the basic question
Have searched, but to no avail...is this the correct way of working out how much I can borrow:
Loans: 1,049,000
Current value of properties: 1,510,000
Current LVR: 1,049,000/1,510,000 = 69%
Assuming bank will lend 80%:
0.8*1,510,000 = 1,208,000
Minus current loans: 1,208,000-1,049,000 = Bank lend 159,000
Does this mean I can put this amount in a LOC & go to another bank & get a loan for another property using this as a deposit?
Thanks
Sorry for the basic question