I'm itching to get stuck into IP#1. We are able to release equity from our PPoR and stay within comfortable LVR levels (80%) to fund the purchase… plus we have an extra $100K cash savings that we shouldn’t have to touch. All good
Snags:
1. Wife due to give birth in 4 weeks. Hence imminent loss of her income for 1 year (she plans to return to work after this).
2. I was made redundant this year. Am now working again (professionally - good income), but only on a casual contract (hourly). If requested, I am not yet able to provide 3 months payslips.
Right now we are both comfortable with the idea of a new mortgage to fund the IP and would love to dive in, but I don’t think the banks would give us finance based on my recent work history.
One option which was suggested to me by a friend was to get a loan pre-approved now, based on my wifes salary/pay history, but just don’t tell them about her pregnancy and upcoming break from work.
What do you think?
We can happily service our PPoR loan from my current work, and our $100K savings is more than enough safety net for covering any CF- periods for the IP.
Cheers for your advice
Snags:
1. Wife due to give birth in 4 weeks. Hence imminent loss of her income for 1 year (she plans to return to work after this).
2. I was made redundant this year. Am now working again (professionally - good income), but only on a casual contract (hourly). If requested, I am not yet able to provide 3 months payslips.
Right now we are both comfortable with the idea of a new mortgage to fund the IP and would love to dive in, but I don’t think the banks would give us finance based on my recent work history.
One option which was suggested to me by a friend was to get a loan pre-approved now, based on my wifes salary/pay history, but just don’t tell them about her pregnancy and upcoming break from work.
What do you think?
We can happily service our PPoR loan from my current work, and our $100K savings is more than enough safety net for covering any CF- periods for the IP.
Cheers for your advice