Borrowing capacity for low-ish income?

Just wondering if I am able to borrow anymore as my mortgage broker says I am already over-borrowed.

Self emplyoed with last year's income 38k, and previous year 34k.

Current loan on PPOR 205k. Can I realistically borrow anymore? eg. with a Line of Credit.
 
JJ sorry impossible one to answer without knowing the nuts and bolts of the P & L Account.

If you had $25k Depreciation that you wrote off in the Year then it would look totally different so hard to assume what is and isnt in there.
 
what do you do when you cant borrow anymore money...?
and how do some of these guys have millions of $$ in assets surely there wage cant cover that?
 
What sort of financials? I don't think I have any... just a few years tax returns.

1. How much do you pay per month towards your PPOR
2. Dependents
3. Married
4. Total credit card limit
5. Personal loan/car loan
6. Center-link tax benefit
7. Business loans
8. Store cards
9. Expected rental on the new purchase ( im presuming a IP???)
10. Deposit amount ( ie LVR)

Needs to know all of the above to know what your borrowing capacity is.

But since your B.M already told you, your OVER your limit already- i doubt there is much you could get out even with a bit of creative investing- unless your buying something with super yield and you have 20% deposit min.


Regards
Michael
 
Top