Hi everyone,
My DSR is being destroyed by the fact that I have a largish mortage on PPOR ($160,000), but my partner is entirely responsible for servicing it in reality (I have paid off my share). His income is not enough to keep the lender happy, but the truth is I put nothing into the loan. What if I just become a guarantor of the loan - would it alleviate my DSR problems (or would other lenders count it in in some way).
One other thing: what would stop you using personal loan as a deposit on an IP? They seem to give them out pretty easily and for just about anything. Has anyone done it?
Gail
My DSR is being destroyed by the fact that I have a largish mortage on PPOR ($160,000), but my partner is entirely responsible for servicing it in reality (I have paid off my share). His income is not enough to keep the lender happy, but the truth is I put nothing into the loan. What if I just become a guarantor of the loan - would it alleviate my DSR problems (or would other lenders count it in in some way).
One other thing: what would stop you using personal loan as a deposit on an IP? They seem to give them out pretty easily and for just about anything. Has anyone done it?
Gail