I'm wondering if I have any chance at all of borrowing anything more and how far off I am...
Are there any brokers that have access to borrowing calculators and such that could give me a bit of an idea?
It's just me and my wife. My wife doesn't work.
My job pays $58 448 after tax and $70 460 before tax.
My after tax is a bit more than you would normally get with my gross salary due to my $16 500 tax free per year that I get from salary sacrificing.
My property loans and rental income
Douglas Rd Loan = $336 000 rent = $700 per week (Westpac variable 4.94%)
Toorak Rd Loan = $160 000 Rent = our half $175 per week (Homeside variable 5%)
Caedmon Loan = $160 000 Rent = our half $375 per week (Westpac fixed 5.39%)
PPOR Kellett Rd Loan = $412 000 (Westpac variable 4.94%)
Total loans = $1068000
Total rent = $1250 per week (This income is split between me and my wife as her half of the rent will be taxed less).
We also have a $12000 credit card limit through westpac.
Is anyone kind enough to give me a bit of an idea if borrowing is possible through a certain lender? Or how much more income from rent I need before I can borrow? I'm wanting to refinance a IP to get some more available funds for a reno.
Thanks heaps.
Tim
Are there any brokers that have access to borrowing calculators and such that could give me a bit of an idea?
It's just me and my wife. My wife doesn't work.
My job pays $58 448 after tax and $70 460 before tax.
My after tax is a bit more than you would normally get with my gross salary due to my $16 500 tax free per year that I get from salary sacrificing.
My property loans and rental income
Douglas Rd Loan = $336 000 rent = $700 per week (Westpac variable 4.94%)
Toorak Rd Loan = $160 000 Rent = our half $175 per week (Homeside variable 5%)
Caedmon Loan = $160 000 Rent = our half $375 per week (Westpac fixed 5.39%)
PPOR Kellett Rd Loan = $412 000 (Westpac variable 4.94%)
Total loans = $1068000
Total rent = $1250 per week (This income is split between me and my wife as her half of the rent will be taxed less).
We also have a $12000 credit card limit through westpac.
Is anyone kind enough to give me a bit of an idea if borrowing is possible through a certain lender? Or how much more income from rent I need before I can borrow? I'm wanting to refinance a IP to get some more available funds for a reno.
Thanks heaps.
Tim