A
Anonymous
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From: Anonymous
I feel that perhaps I should rethink my strategy, rather than seek solutions to it.
Current property value 500k, loan P&I bal 65k with redraw to max 190k, rented at 1,280 p.m.
No significant other Australian income.
I am a self employed English teacher in Japan.
2000 income (total 64,057), declared 41,509, tax paid 2,262, refunded 2,262.
2001 income (total 78,058), declared 47,723, tax paid 2,984, refunded 2,817.
My outgoings are not excessive due to free accom., etc.
Cash in Japan 61k, in Australia 43k.
I intend to buy an IP in the 200 to 300k range sometime soon.
I feel my situation requires lenders to spend more time on the application, with a much higher chance of refusal. So I was wanting to organise a LOC for an additional 200k by refinancing my current property and being ready for any opportunity that comes along. But without using the income from the future (unknown) IP, and being non-resident causes problems with approval.
Wanting to slowly purchase more IP thus I seek opinions on the best way to START, not simply get past this first loan approval. It seems that Rolf Latham or Frank Shead are the brokers I should use, but how about strategy ? Or will they assist in this planning too ?
xxsan
I feel that perhaps I should rethink my strategy, rather than seek solutions to it.
Current property value 500k, loan P&I bal 65k with redraw to max 190k, rented at 1,280 p.m.
No significant other Australian income.
I am a self employed English teacher in Japan.
2000 income (total 64,057), declared 41,509, tax paid 2,262, refunded 2,262.
2001 income (total 78,058), declared 47,723, tax paid 2,984, refunded 2,817.
My outgoings are not excessive due to free accom., etc.
Cash in Japan 61k, in Australia 43k.
I intend to buy an IP in the 200 to 300k range sometime soon.
I feel my situation requires lenders to spend more time on the application, with a much higher chance of refusal. So I was wanting to organise a LOC for an additional 200k by refinancing my current property and being ready for any opportunity that comes along. But without using the income from the future (unknown) IP, and being non-resident causes problems with approval.
Wanting to slowly purchase more IP thus I seek opinions on the best way to START, not simply get past this first loan approval. It seems that Rolf Latham or Frank Shead are the brokers I should use, but how about strategy ? Or will they assist in this planning too ?
xxsan
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