Hi all
I am really confused about how much we can borrow. Westminster wrote in another thread where a guy has $180K deposit and a good job ...
Let say 180k would get you 1.8m if you could get a 90% lend - no guarantees on that - you'd need to speak to a broker.
In other threads people have said in our situation we can borrow 2million.
BUT our mortgage broker says we can borrow up to $658K
Our financials are:
No deposit (will draw this out of PPoR mortgage)
PPoR bank value will come in around $800-850K (for sale appraisal is $900+ by a local real estate
mortgage $325K
=equity of $475K (if bank val is $800K)
Income: $194K year
Mortgage payments around $2000 month P and I
We have around $3000 disposable income per month, but I would prefer to be conservative and say we have $2000 month as things always crop up.
I also earn $3-5K month, but don't want that factored into the loan, that is our buffer.
So what can we borrow - $658K is a long way off from the 2million others have said we could borrow (this was based on equity of $500K)
Scratching my head here, what have I missed?
I am really confused about how much we can borrow. Westminster wrote in another thread where a guy has $180K deposit and a good job ...
Let say 180k would get you 1.8m if you could get a 90% lend - no guarantees on that - you'd need to speak to a broker.
In other threads people have said in our situation we can borrow 2million.
BUT our mortgage broker says we can borrow up to $658K
Our financials are:
No deposit (will draw this out of PPoR mortgage)
PPoR bank value will come in around $800-850K (for sale appraisal is $900+ by a local real estate
mortgage $325K
=equity of $475K (if bank val is $800K)
Income: $194K year
Mortgage payments around $2000 month P and I
We have around $3000 disposable income per month, but I would prefer to be conservative and say we have $2000 month as things always crop up.
I also earn $3-5K month, but don't want that factored into the loan, that is our buffer.
So what can we borrow - $658K is a long way off from the 2million others have said we could borrow (this was based on equity of $500K)
Scratching my head here, what have I missed?