Hello all
A quick question as to whether I have any options in this scenario... Currently have 2 IP's, and am at (or near) the limit of what I can currently borrow. Am considering the purchase of a unit (this will be my PPOR) - purchase price is approx. $500k - I can put in purchase costs plus approx. $250k - but would need to finance the rest (i.e. $250k).
Putting aside questions of whether this is the best use of that $250k at this stage - does the fact that I am only looking at a 50% LVR give me any options for financing the remaining $250k (assuming I am near my current serviceability limit)? Or will all lenders simply look at debt servicability (realise this assessment can vary significantly between lenders), irrespective of what percentage of purchase price I put in?
Some advice would be much appreciated : )
A quick question as to whether I have any options in this scenario... Currently have 2 IP's, and am at (or near) the limit of what I can currently borrow. Am considering the purchase of a unit (this will be my PPOR) - purchase price is approx. $500k - I can put in purchase costs plus approx. $250k - but would need to finance the rest (i.e. $250k).
Putting aside questions of whether this is the best use of that $250k at this stage - does the fact that I am only looking at a 50% LVR give me any options for financing the remaining $250k (assuming I am near my current serviceability limit)? Or will all lenders simply look at debt servicability (realise this assessment can vary significantly between lenders), irrespective of what percentage of purchase price I put in?
Some advice would be much appreciated : )