Hi all,
I'm looking for the highest servicability of any bank, so I can get more equity out through refinance, to finance the deposit of my next property.
My current property is worthy about 570 to 600K now, which has a 400K mortgage already. My intention is to refinance this property, and borrow more against the 90% LVR, it's roughly 520K. However, my current lender told me my servicability is not enough to get a 500K loan. (My salary is 63K/annual and this property is rented out for $290/week)
I know different banks have different ways to compute servicability, so I'm wondering if anyone can recommend me some lenders that might let me refinance the mortgage to 500K?
Thanks very much in advance!
Ryan
I'm looking for the highest servicability of any bank, so I can get more equity out through refinance, to finance the deposit of my next property.
My current property is worthy about 570 to 600K now, which has a 400K mortgage already. My intention is to refinance this property, and borrow more against the 90% LVR, it's roughly 520K. However, my current lender told me my servicability is not enough to get a 500K loan. (My salary is 63K/annual and this property is rented out for $290/week)
I know different banks have different ways to compute servicability, so I'm wondering if anyone can recommend me some lenders that might let me refinance the mortgage to 500K?
Thanks very much in advance!
Ryan