We're trying to get our ducks in a row to purchase our first IP. I've had some discussions with a mortgage broker and he's recommended we go with the CBA and that our borrowing capacity is around 350K. Thinking that sounded a bit low, I contacted a different bank directly (NAB) and, off the same set of numbers, they've suggested around 420K would be fine and probably up to 450K. The broker indicated that our 4 dependants were chewing into our capacity significantly whereas I asked NAB what impact our dependants had on their calculations. They responded only around 20-30K total.
I'd be comfortable servicing a loan of around 450K so am inclined to believe NAB over the CBA; but from your experience, to what extent have your dependants impacted on your borrowing capacity? It also seems that someone is having a lend of me. But is it CBA, NAB or the broker?
Regards, Gary
I'd be comfortable servicing a loan of around 450K so am inclined to believe NAB over the CBA; but from your experience, to what extent have your dependants impacted on your borrowing capacity? It also seems that someone is having a lend of me. But is it CBA, NAB or the broker?
Regards, Gary